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+76 Part II: Call Option Strategies 
+Technical analysis may be able to provide a little help for the writer faced with 
+the dilemma of rolling down to lock in a loss or else holding onto a position that has 
+no further downside protection. IfXYZ has broken a support level or important trend 
+line, it is added evidence for rolling down. In our example, it is difficult to imagine 
+the case in which a $20 stocksuddenly drops to become a $16 stock without sub­
+stantial harm to its technical picture. Nevertheless, if the charts should show that 
+there is support at 15½ or 16, it may be worth the writer's while to wait and see if 
+that support level can hold before rolling down. 
+Perhaps the best way to avoid having to lock in losses would be to establish posi­
+tions that are less likely to become such a problem. In-the-money covered writes on 
+higher-priced stocks that have a moderate amount of volatility will rarely force the 
+writer to lock in a loss by rolling down. Of course, any stock, should it fall far enough 
+and fast enough, could force the writer to lock in a loss if he has to roll down two or 
+thr..ee times in a fairly short time span. However, the higher-priced stock has striking 
+prices that are much closer together (in percentages); it thus presents the writer with 
+the opportunity to utilize a new option with a lower striking price much sooner in the 
+decline of the stock. Also, higher volatility should help in generating large enough 
+premiums that substantial portions of the stock's decline can be hedged by rolling 
+down. Conversely, low-priced stocks, especially nonvolatile ones, often present the 
+most severe problems for the covered writer when they decline in price. 
+A related point concerning order entry can be inserted here. When one simul­
+taneously buys one call and sells another, he is executing a spread. Spreads in gener­
+al are discussed at length later. However, the covered writer should be aware that 
+whenever he rolls his position, the order can be placed as a spread order. This will 
+normally help the writer to obtain a better price execution. 
+AN ALTERNATIVE METHOD OF ROLLING DOWN 
+There is another alternative that the covered writer can use to attempt to gain some 
+additional downside protection without necessarily having to lock in a loss. Basically, 
+the writer rolls down only part of his covered writing position. 
+Example: One thousand shares of XYZ were bought at 20 and 10 January 20 calls 
+were sold at 2 points each. As before, the stock falls to 16, with the following prices: 
+XYZ January 20 call, ½; and XYZ January 15 call, 2½. As was demonstrated in the last 
+section, if the writer were to roll all 10 calls down from the January 20 to the January 
+15, he would be locking in a loss. Although there may be some justification for this 
+action, the writer would naturally rather not have to place himself in such a position. 
+One can attempt to achieve some balance between added downside protection 
+and upward profit potential by rolling down only part of the calls. In this example,