HailMary, I've been changing my strategy here, and I like the results. My long shares are tied up with a covered call and I'm going to let the whole thing go this month. Meanwhile, I'm maintaining a long call position. I just took profits on my Jan 11s the other day, and cycled the profit back into Dec 16s. Those are doing well now, also. If the stock keeps on its roll then I'll close that position in the mid 17s and open Dec 18s, most likely.
The great thing about AMD options is that there is an entry point at every dollar. This makes my strategy much easier than on an option market with $5 entry points. If we get over $20, probably the increment will go to $2.50.
This way I am protected on the downside by the purchase price of the calls. I step up my investment, taking profits along the way. Even if the stock were to go through a major fall, I walk away with a very nice profit. My long call position represents 60% more stock than my long share position, so I am making more money even with the call price, while building cash reserves.