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Thanks MTE :) I just have another question, is it possible for the call-seller to cancel their open position at any time by buying back the call, paying the call's premium at that time?

I'm rather new to options and I was hoping someone could help clear up what I don't hope is a misconception for me. Say the price per share in a stock is $50 and you buy 100 shares. Then you immediately sell a call with striking price $50 (in this example the striking price doesn't matter)...