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+166 Part II: Call Option Strategies 
+option investment, the writer who operates in large size will experience less of a 
+commission charge, percentagewise. That is, the writer who is buying 500 shares 
+of stock and selling 10 calls to start with will be able to place his stop points far­
+ther out than the writer who is buying 100 shares of stock and selling 2 calls. 
+Technical analysis can be helpful in selecting the stop points as well. If there is 
+resistance overhead, the buy stop should be placed above that resistance. Similarly, if 
+there is support, the sell stop should be placed beneath the support point. Later, 
+when straddles are discussed, it will be seen that this type of strategy can be operat­
+ed at less of a net commission charge, since the purchase and sale of stock will not be 
+involved. 
+CLOSING OUT THE WRITE 
+The methods of follow-up action discussed above deal ,vith the eventuality of pre­
+venting losses. However, if all goes well, the ratio write will begin to accrue profits as 
+the stock remains relatively close to the original striking price. To retain these paper 
+profits that have accrued, it is necessary to move the protective action points closer 
+together. 
+Example: XYZ is at 51 after some time has passed, and the calls are at 3 points each. 
+The writer would, at this time, have an unrealized profit of $800 - $200 from the 
+stock purchase at 49, and $300 each on the two calls, which were originally sold at 6 
+points each. Recall that the maximum potential profit from the position, ifXYZ were 
+exactly at 50 at expiration, is $1,300. The writer would like to adjust the protective 
+points so that nearly all of the $800 paper profit might be retained while still allow­
+ing for the profit to grow to the $1,300 maximum. 
+At expiration, $800 profit would be realized ifXYZ were at 45 or at 55. This can 
+be verified by referring again to Table 6-1 and Figure 6-1. The 45 to 55 range is now 
+the area that the writer must be concerned with. The original profit range of 39 to 61 
+has become meaningless, since the position has performed well to this point in time. 
+If the writer is using the rolling method of protection, he would roll forward to the 
+next expiration series if the stock were to reach 45 or 55. If he is using the stop-out 
+method of protection, he could either close the position at 45 or 55 or he could roll 
+to the next expiration series and readjust his stop points. The neutral strategist using 
+deltas would determine the number of calls to roll forward to by using the delta of 
+the longer-term call. 
+By moving the protective action points closer together, the ratio writer can then 
+adjust his position while he still has a profit; he is attempting to "lock in" his profit. 
+As even more time passes and expiration draws nearer, it may be possible to move