Subject: Re: Puts
When you roll your calls up and out, try to pick contracts that meet all of these tests:

I can argue both sides of this issue. :-)

The alternative viewpoint is that rolling the in-the-money call consists of 1) closing the call at a loss, and 2) selling a new call. On considering this further, I think those two actions should be independent.

The loss on the expiring call is irreversible. So why should the strike and expiration of the new call depend on how far underwater it is?

Making money with covered calls boils down to choosing wisely when to write a covered call.

But sometimes you're still wrong. The losing bet doesn't change the best way to make money with a covered call. It's either a good time to write a call or it isn't.