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+Chapter 2: Covered Call Writing 
+FIGURE 2-5. 
+Comparison: original write vs. rolled-up position. 
++$1,200 
+Rolled-Up Write 
++$600 Original Write 
+54 60 
+Stock Price at Expiration 
+81 
+ment of risk is introduced as well as the possibility of increased rewards. Generally, 
+it is not advisable to roll up if at least a 10% correction in the stock price cannot be 
+withstood. One's initial goals for the covered write were set when the position was 
+established. If the stock advances and these goals are being met, the writer should be 
+very cautious about risking that profit. 
+A SERIOUS BUT ALL-TOO-COMMON MISTAKE 
+When an investor is overly intent on keeping his stock from being called away (per­
+haps he is writing calls against stock that he really has no intention of selling), then 
+he will normally roll up and/or forward to a more distant expiration month whenev­
+er the stock rises to the strike of the written call. Most of these rolls incur a debit. If 
+the stock is particularly strong, or if there is a strong bull market, these rolls for deb­
+its begin to weigh heavily on the psychology of the covered writer. Eventually, he 
+wears down emotionally and makes a mistake. He typically takes one of two roads: 
+(1) He buys back all of the calls for a (large) debit, leaving the entire stock holding 
+exposed to downside movements after it has risen dramatically in price and after he