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+58 Part II: Call Option Strategies 
+very similar when the prices differ by small amounts. This can be seen without the 
+use of a table. If one pays a dime more for the stock, his investment increases by $10 
+per 100 shares, or $50 total on a 500-share transaction. However, the fact that he has 
+received an extra dime for the call means that the investment is reduced by $62.50. 
+Thus, there is no effect on the net investment except for commissions. The commis­
+sion on 500 shares at 43.10 may be slightly higher than the commission for 500 shares 
+at 43. Similarly, the commission on 5 calls at 3.10 may be slightly higher than that on 
+5 calls at 3. Even so, the increase in commissions would be so small that it would not 
+affect the return by more than one-tenth of 1 %. 
+To carry this concept to extremes may prove somewhat misleading. If one were 
+to buy stock at 40½ and sell the call at ½, he would still be receiving 40 net, but sev­
+eral aspects would have changed considerably. The return if exercised remains amaz­
+ingly constant, but the return if unchanged and the percentage downside protection 
+are reduced dramatically. If one were to buy stock at 48 and sell the call at 8 - again 
+for 40 net - he would improve the return if unchanged and the percentage downside 
+protection. In reality, when one places a "net" order with a brokerage firm, he nor­
+mally gets an execution with prices quite close to the ones at the time the order was 
+first entered. It would be a rare case, indeed, when either upside or downside 
+extremes such as those mentioned here would occur in the same trading day. 
+SELECTING A COVERED WRITING POSITION 
+The preceding sections, in describing types of covered writes and how to compute 
+returns and break-even points, have laid the groundwork for the ultimate decision 
+that every covered writer must make: choosing which stock to buy and which option 
+to write. This is not necessarily an easy task, because there are large numbers of 
+stocks, striking prices, and expiration dates to choose from. 
+Since the primary objective of covered writing for most investors is increased 
+income through stock ownership, the return on investment is an important consider­
+ation in determining which write to choose. However, the decision must not be made 
+on the basis of return alone. More volatile stocks will offer higher returns, but they 
+may also involve more risk because of their ability to fall in price quickly. Thus, the 
+amount of downside protection is the other important objective of covered writing. 
+Finally, the quality and technical or fundamental outlook of the underlying stock 
+itself are of importance as well. The following section will help to quantify how these 
+factors should be viewed by the covered writer.