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A covered call is a financial market transaction in which the seller of call options owns the corresponding amount of the underlying instrument, such as shares of a stock or other securities. If a trader buys the underlying instrument at the same time the trader sells the call, the strategy is often called a "buy-write" strategy.
covered call 是一种金融市场交易，在这种交易中，看涨期权的卖方拥有相应数量的标的工具，如股票或其他证券。如果交易员在买入标的工具的同时再卖出看涨期权，这种策略通常被称为“买入-卖出”策略。
这个write的交易到底是什么交易指令呢？
Covered calls (also called "buy-write") are a neutral strategy, meaning the investor only expects a minor increase or decrease in the underlying stock price for the life of the written call option. This strategy is often employed when an investor has a short-term neutral view on the asset and for this reason holds the asset long and simultaneously has a short position via the option to generate income from the option premium.
covered call (也称为“买入-卖出”)是一种中性策略，意味着投资者只预期在书面看涨期权的有效期内，标的股价只会小幅上涨或下跌。当投资者对该资产持有短期中性看法，通常采用这种策略：长期持有该资产，同时通过期权做空该资产，从而从期权费中获得收益。
This strategy is not useful for a very bullish or a very bearish investor. If an investor is very bullish, they are typically better off not writing the option and just holding the stock. 这种策略对于持有牛市或熊市观点的投资者都是没有用的。如果投资者非常乐观，他们通常最好不要卖出期权，而只持有股票。
怎么样计算covered的盈亏呢？
We obtain the profit for the covered call by computing the change in the value of the position, VT – V0.
第一步：计算买入股票的净成本（S0- C0）
First recognize that V0, the value of the position at the start of the contract, is the initial value of the underlying minus the call premium.
We are long the underlying and short the call, so we must subtract the call premium that was received from the sale of the call. The initial investment in the position is what we pay for the underlying less what we receive for the call. Hence, V0 = S0 – c0.
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