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+Chapter 2: Covered Call Writing 
+PROJECTED RETURNS 
+59 
+The return that one strives for is somewhat a matter of personal preference. In gen­
+eral, the annualized return if unchanged should be used as the comparative measure 
+between various covered writes. In using this return as the measuring criterion, one 
+does not make any assumptions about the stock moving up in price in order to attain 
+the potential return. A general rule used in deciding what is a minimally acceptable 
+return is to consider a covered writing position only when the return if unchanged is 
+at least 1 % per month. That is, a 3-month write would have to offer a return of at 
+least 3% and a 6-month write would have to have a return if unchanged of at least 
+6%. During periods of expanded option premiums, there may be so many writes that 
+satisfy this criterion that one would want to raise his sights somewhat, say to 1 ½% or 
+2% per month. Also, one must feel personally comfortable that his minimum return 
+criterion - whether it be 1 % per month or 2% per month - is large enough to com­
+pensate for the risks he is taking. That is, the downside risk of owning stock, should 
+it fall far enough to outdistance the premium received, should be adequately com­
+pensated for by the potential return. It should be pointed out that 1 % per month is 
+not a return to be taken lightly, especially if there is a reasonable assurance that it can 
+be attained. However, if less risky investments, such as bonds, were yielding 12% 
+annually, the covered writer must set his sights higher. 
+Normally, the returns from various covered writing situations are compared by 
+annualizing the returns. One should not, however, be deluded into believing that he 
+can always attain the projected annual return. A 6-month write that offers a 6% 
+return annualizes to 12%. But if one establishes such a position, all that he can 
+achieve is 6% in 6 months. One does not really know for sure that 6 months from now 
+there will be another position available that will provide 6% over the next 6 months. 
+The deeper that the written option is in-the-money, the higher the probability 
+that the return if unchanged will actually be attained. In an in-the-money situation, 
+recall that the return if unchanged is the same as the return if exercised. Both would 
+be attained unless the stock fell below the striking price by expiration. Thus, for an in­
+the-money write, the projected return is attained if the stock rises, remains unchanged, 
+or even falls slightly by the time the option expires. Higher potential returns are avail­
+able for out-of-the-money writes if the stock rises. However, should the stock remain 
+the same or decline in price, the out-of-the-money write will generally underperform 
+the in-the-money write. This is why the return if unchanged is a good comparison. 
+DOWNSIDE PROTECTION 
+Downside protection is more difficult to quantify than projected returns are. As men­
+tioned earlier, the percentage of downside protection is often used as a measure. This