Russ discusses this adjustment / ptotection strategy with markets at all-time highs.   He discusses when and why one may want to adjust and protect their covered call trades. 

If the underlying stock (or ETF) has gained and is strongly above the call strike price written when you are already into a trade, is there anything you can do if you wish to protect your covered call trade? 

The answer is yes and Russ discusses what the adjustment mechanics are and gives an example.    

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