VIX at 14.64: Time to Get Selective, Not Greedy

$COPX

This $80 CSP for October 16th was sold when IVR was a moderate 43%, and it's sitting comfortably at +$42 mark-to-market with 24 days still on the clock. Copper miners have been a quiet steady performer and this position needed no drama to work.

Boring, on-track CSPs are the backbone of the wheel — you don't need fireworks to make money.

$DRAM

Sold the $50 CSP into a healthy 65% IVR and collected $1.40, and it's already up $120 with 24 days left. This is exactly the setup I look for — rich premium on a name I'd be fine owning at $50.

High IVR at entry gives you a real cushion — this is the kind of premium worth chasing.

$MARA

This $13.5 covered call is showing a -$224 MTM loss but a +$862 unrealized gain on the underlying shares — a classic case of the stock running past my strike. With only 10 days to expiration, I'm watching closely to decide whether to let it get called away or roll up and out.

A covered call 'loss' on the option leg isn't a real loss if your shares are appreciating faster — look at the whole picture, not just the option P&L.

$IREN

Similar story here: the $47 call sold for $1.03 is down -$323 on paper while the stock itself is up +$154 unrealized. IREN has been a monster mover this year and my strike simply got run over.

When a covered call goes deep ITM on a strong breakout, decide early whether you're happy being called away at a profit or want to roll for more premium.

$IONQ

With just 3 days to expiration, this $50 call is up +$170 on the option but down -$488 unrealized on the shares — IONQ has been volatile and my cost basis is underwater relative to current price. I'll likely let this expire and reassess whether to keep selling calls or hold for a bounce.

Covered calls generate income even when the underlying disappoints, but they don't fully protect you from a real drawdown in the stock.