Yes , if you OWN the stock and sell covered calls you will of course lock in a GAIN except in cases were (before you can act on it) the stock you OWN PPS drops like a rock more than you sold the covered call for. But still you have a little less of a loss. Also you can loose out some if for some reason the stock you own SPIKES way over the strike price. You still have a gain but lose out on the amount above the strike price. Think thou that you are really talking about a short term position in that.
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