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Long-term options5 minute read
Poor man's covered call: risks and mechanics
Understand a long-dated call plus short call position, including capped upside, rolling, and assignment exposure
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A poor man's covered call, often called a diagonal call spread, combines a longer-dated call with a shorter-dated call sold at a higher strike. Unlike a traditional covered call, the long option is not stock and may not provide the shares needed if the short call is assigned. The position has time, volatility, execution, and assignment risk across two expirations
Two expirations define the position
The long call and short call have different remaining time and can react differently to IV. The short premium offsets some cost but also caps or complicates the outcome when the stock rises through its strike
Assignment can create an obligation
If the short American-style call is assigned, the account may need to deliver shares. Exercising the long call can sacrifice remaining time value, while buying power and exercise deadlines shape the available choices
Treat each roll as a new trade
Closing the short call and opening another changes strike, expiration, credit, and risk. Compare the replacement's spread, liquidity, and assignment exposure before treating the position as income
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