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+Chapter 2: Covered Call Writing 77 
+the writer would buy back only 5 of the January 20's and sell 5 January 15 calls. He 
+would then have this position: 
+long 1,000 XYZ at 20; 
+short 5 XYZ January 20's at 2; 
+short 5 XYZ January 15's at 2½; and 
+realized gain, $750 from 5 January 20's. 
+This strategy is generally referred to a partial roll-down, in which only a portion of 
+the original calls is rolled, as opposed to the more conventional complete roll-down. 
+Analyzing the partially rolled position makes it clear that the writer no longer locks 
+in a loss. 
+IfXYZ rallies back above 20, the writer would, at expiration, sell 500 XYZ at 20 
+(breaking even) and 500 at 15 (losing $2,500 on this portion). He would make $1,000 
+from the five January 20's held until expiration, plus $1,250 from the five January 15's, 
+plus the $750 of realized gain from the January 20's that were rolled down. This 
+amounts to $3,000 worth of option profits and $2,500 worth of stock losses, or an 
+overall net gain of $500, less commissions. Thus, the partial roll-down offers the 
+writer a chance to make some profit if the stock rebounds. Obviously, the partial roll­
+down will not provide as much downside protection as the complete roll-down does, 
+but it does give more protection than not rolling down at all. To see this, compare the 
+results given in Table 2-23 if XYZ is at 15 at expiration. 
+TABLE 2-23. 
+Stock at 15 at expiration. 
+Strategy 
+Original position 
+Partial roll-down 
+Complete roll-down 
+Stock Loss 
+-$5,000 
+- 5,000 
+- 5,000 
+Option 
+Profit Total Loss 
++$2,000 -$3,000 
++ 3,000 - 2,000 
++ 4,000 - 1,000 
+In summary, the covered writer who would like to roll down, but who does not 
+want to lock in a loss or who feels the stock may rebound somewhat before expira­
+tion, should consider rolling down only part of his position. If the stock should con­
+tinue to drop, making it evident that there is little hope of a strong rebound back to 
+the original strike, the rest of the position can then be rolled down as well.