Opened this 0DTE covered call last night as a short-term hedge against the SPY shares I was assigned just last Thursday. It was my second covered call in this current cycle, and given how bullish SPY was trading overnight, I anticipated the contract might close in the money — and it did.
The position served its purpose well: capturing additional premium while providing downside protection on the recently assigned shares. Timing worked out nicely, with the call expiring ITM and locking in quick gains from both the assigned shares and the option premium.
I’m pleased with how this setup played out — managing risk, staying active, and letting price action dictate the next move. Two covered calls executed successfully within a few days, wrapping up this short round efficiently.
| Side | Price | Realized P&L |
|---|---|---|
| Buy Close | 0.00 | +100.00% Closed |
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- AmandaViolet·2025-10-21That's impressive! Your strategy of using covered calls while managing risk is spot on—well done1Report
- Athena Spenser·2025-10-222 SPY calls done! Smart risk hedge, capitalizes on bullish overnight moves.1Report
- Astrid Stephen·2025-10-22Lock gains fast, onto next trade!1Report