Opened (IRA): IWM August 16th 191 Monied Covered Call... for a 187.46 debit.
Comments: (Late Post). Sold the -75 call against a one lot to emulate the delta metrics of a 25 delta short put, but with built-in short call defense.
Metrics:
Buying Power Effect/Break Even: 187.46.
Max Profit: 3.54 ($354)
ROC at Max: 1.89%
ROC at 50% Max: .94%
Will generally look to take profit at 50% max on the entire setup (stock + short call) as a unit, but won't hesitate to roll out the short call if in profit to keep my break even at or near where the underlying is currently trading.