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+Cl,apter 2: Covered Call Writing 45 
+To make a true comparison between the two covered writes, one must look at 
+what happens with the stock between 40 and 50 at expiration. The in-the-money 
+write attains its maximum profit anywhere within that range. Even a 5-point decline 
+by the underlying stock at expiration would still leave the in-the-money writer with 
+his maximum profit. However, realizing the maximum profit potential with an out-of 
+the-money covered write always requires a rise in price by the underlying stock. This 
+further illustrates the more conservative nature of the in-the-money write. It should 
+be noted that in-the-money writes, although having a smaller profit potential, can still 
+be attractive on a percentage return basis, especially if the write is done in a margin 
+account. 
+One can construct a more aggressive position by writing an out-of-the-money 
+call. One's outlook for the underlying stock should be bullish in that case. If one is 
+neutral or moderately bearish on the stock, an in-the-money covered write is more 
+appropriate. If one is truly bearish on a stock he owns, he should sell the stock instead 
+of establishing a covered write. 
+THE TOTAL RETURN CONCEPT 
+OF COVERED WRITING 
+When one writes an out-of-the-money option, the overall position tends to reflect 
+more of the result of the stock price movement and less of the benefits of writing the 
+call. Since the premium on an out-of-the-money call is relatively small, the total posi­
+tion will be quite susceptible to loss if the stock declines. If the stock rises, the posi­
+tion will make money regardless of the result in the option at expiration. On the other 
+hand, an in-the-money write is more of a "total" position - taking advantage of the 
+benefit of the relatively large option premium. If the stock declines, the position can 
+still make a profit; in fact, it can even make the maximum profit. Of course, an in­
+the-money write will also make money if the stock rises in price, but the profit is not 
+generally as great in percentage terms as is that of an out-of-the-money write. 
+Those who believe in the total return concept of covered writing consider both 
+downside protection and maximum potential return as important factors and are 
+willing to have the stock called away, if necessary, to meet their objectives. When 
+premiums are moderate or small, only in-the-money writes satisfy the total return 
+philosophy. 
+Some covered writers prefer never to lose their stock through exercise, and as 
+a result will often write options quite far out-of-the-money to minimize the chances 
+of being called by expiration. These writers receive little downside protection and, to 
+make money, must depend almost entirely on the results of the stock itself. Such a