This trade was executed on September 10, 2026, shortly before the public launch of Options Income Journal. It is being added to the journal from my actual trading records. The prices shown are my actual fills, and the decisions described are the decisions I made while managing the position.

I originally entered SPCX on September 4 as a buy-write:

Bought 100 shares of SPCX at $148.79 per share
Sold 1 September 11 $150 Call at $3.22

The original covered call generated $322 in immediate option premium, reducing my effective economic basis in the shares from $148.79 to approximately $145.57 per share, before commissions and fees.

As September 11 expiration approached, SPCX had moved above my $150 strike and the covered call was in the money.

That gave me a decision: allow the shares to be called away at $150 or see whether I could roll the call on attractive terms.

I executed the following roll:

Bought to close the September 11 $150 Call
Sold to open the September 18 $152.50 Call
Net credit received: $1.45 per share before fees

The roll generated an additional $145 in net option premium while accomplishing something else I particularly liked: it increased my covered-call strike from $150 to $152.50.

In other words, I was paid an additional $145 to extend the covered call by one week while also creating another $2.50 per share of potential stock appreciation if the shares are ultimately called away.

My primary objective with SPCX is option income, so I'm perfectly comfortable having the shares called away when the economics make sense.

But assignment isn't automatically the best choice simply because a covered call moves in the money.

In this case, the market gave me an opportunity to move the strike higher and still receive a meaningful net credit. That combination made the roll attractive to me.

Rather than having the shares potentially called away at $150, I now have the opportunity to sell them at $152.50, while collecting another $1.45 per share for extending the position one week.

The original September 11 call generated:

$3.22 per share = $322

The September 10 roll generated:

$1.45 per share = $145

Total option premium collected so far:

$4.67 per share = $467

Based on my original $148.79 stock purchase price, the cumulative option premium reduces my effective economic basis to approximately:

$144.12 per share, before commissions and fees.

At the same time, the new $152.50 strike provides $3.71 per share of potential stock appreciation above my original $148.79 purchase price if the shares are eventually called away at that strike.

As of September 10, 2026, the position remains open.

I continue to own 100 SPCX shares, and the current covered call is now the September 18 $152.50 call.

So far, the position has generated $467 in option premium, and the roll has increased my potential exit price from $150 to $152.50.

If SPCX remains above the strike as the new expiration approaches, I'll again evaluate the economics of assignment versus another roll. If the shares are called away at $152.50, I'm comfortable with that outcome as well.

This is a good example of why I don't automatically view an in-the-money covered call as a problem that needs to be “rescued.”

Sometimes assignment is the best outcome. Other times the option market provides an opportunity to improve the position.

In this case, I was able to accomplish both of the things I look for in an attractive roll:

Collect additional premium — $1.45 per share

Raise the strike — from $150 to $152.50

I was paid to extend the trade while increasing the price at which I would potentially sell my shares.

That's the type of roll I'm generally interested in.

The prices reported in Options Income Journal are my actual execution prices.

For current trade alerts, stock and option prices can move materially between the time I execute a trade and the time an alert reaches you.

If the economics of a trade have changed, do not chase my reported fill. Options Income Journal documents the trades I make in my own account; these are not trade instructions or signals.

Options Income Journal is provided for educational and informational purposes only. Nothing published here should be considered individualized investment, financial, tax, or legal advice, or a recommendation to buy or sell any security or option. Options involve risk and are not appropriate for every investor. You are responsible for evaluating whether any investment or options strategy is appropriate for your own circumstances.