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training_data/curated/text/671ed4ee9ad3119b8b6eea0a7fe8e8defa973e880cbaefee05c3ed8485d6ed63.txt

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+86 Part II: Call Option Strategies 
+AVOIDING THE UNCOVERED POSITION 
+There is a margin rule that the covered writer must be aware of if he is considering 
+taking any sort of follow-up action on the day that the written call ceases trading. If 
+another call is sold on that day, even though the written call is obviously going to 
+expire worthless, the writer will be considered uncovered for margin purposes over 
+the weekend and will be obligated to put forth the collateral for an uncovered option. 
+This is usually not what the writer intends to do; being aware of this rule will elimi­
+nate unwanted margin calls. Furthermore, uncovered options may be considered 
+unsuitable for many covered writers. 
+Example: A customer owns XYZ and has January 20 calls outstanding on the last day 
+of trading of the January series (the third Friday of January; the calls actually do not 
+expire until the following day, Saturday). IfXYZ is at 15 on the last day of trading, the 
+January 20 call will almost certainly expire worthless. However, should the writer 
+decide to sell a longer-term call on that day without buying back the January 20, he 
+will be considered uncovered over the weekend. Thus, if one plans to wait for an 
+option to expire totally worthless before writing another call, he must wait until the 
+Monday after expiration before writing again, assuming that he wants to remain cov­
+ered. The writer should also realize that it is possible for some sort of news item to 
+be announced between the end of trading in an option series and the actual expira­
+tion of the series. Thus, call holders might exercise because they believe the stock will 
+jump sufficiently in price to make the exercise profitable. This has happened in the 
+past, two of the most notable cases being IBM in January 1975 and Carrier Corp. in 
+September 1978. 
+WHEN TO LET STOCK BE CALLED AWAY 
+Another alternative that is open to the writer as the written call approaches expira­
+tion is to let the stock be called away if it is above the striking price. In many cases, 
+it is to the advantage of the writer to keep rolling options forward for credits, there­
+by retaining his stock ownership. However, in certain cases, it may be advisable to 
+allow the stock to be called away. It should be emphasized that the writer often has 
+a definite choice in this matter, since he can generally tell when the call is about to 
+be exercised - when the time value premium disappears. 
+The reason that it is normally desirable to roll forward is that, over time, the 
+covered writer will realize a higher return by rolling instead of being called. The 
+option commissions for rolling forward every three or six months are smaller than the 
+commissions for buying and selling the underlying stock every three or six months, 
+and therefore the eventual return will be higher. However, if an inferior return has