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To: bowledover who wrote (5402)	3/22/2000 9:17:00 AM
From: Jill	Read Replies (1) \| Respond to of 8096

Writing/selling is the same. However neither account seems enabled for selling naked calls or puts, only covered calls.

To: bowledover who wrote (5402)	3/22/2000 10:36:00 AM
From: Bridge Player	Respond to of 8096

<< Would 'selling a call to open' be the same as 'writing a covered call?'>> "Selling a call to open" is exactly the same as "writing a call". Both are opening a position; both will leave you with a short call position. If you then subsequently "buy a call to close" you would then be closing the short position. Whether or not the short call is covered, e.g. "writing a covered call" is dependent upon whether you own 100 shares of the underlying stock for each 1 call written. If you do, the short call is "covered". BP

To: bowledover who wrote (5402)	3/22/2000 10:47:00 AM
From: DM	Read Replies (1) \| Respond to of 8096

selling/writing calls they are the same, however your call is considered covered if you own the stock. YOu risk loosing the stock if goes above strike price. Otherwise you are naked a call if you sell to open. DM

To: bowledover who wrote (5402)	3/22/2000 5:05:00 PM
From: SecularBull	Respond to of 8096

Selling a call to open, is to open a naked call position. The call becomes (or is) covered (and not naked) when you own the underlying shares, share for share (i.e. twenty contracts and 2,000 shares). If you are called, you must deliver your shares to the holder of the call that you sold (wrote). If you wrote the call covered, you can either buy shares on the open market to cover or deliver the shares that you already own (you might not want to deliver the shares that you already own depending on the tax consequences). If you wrote the call naked (you do not own any underlying shares), you will have to buy the shares on the open market and deliver them. The risk of writing naked calls is the cost to buy the shares above and beyond the premium that you collected plus the strike that you will be paid to deliver. The writer of a naked call may often have a much different outlook and purpose than the writer of the covered call. LoF