Quote from asap:
if the call becomes ITM then you'll realize the max profit for the trade, as the deltas in your long stock will always exceed or equal the deltas of your short calls.
Say, if Citi goes to $10 in june and the call options are not exercised until expiration date...Wouldn't the losses in the call option, which is by then deep ITM with intrinsic value, exceed the premium collected and the limited gain of $1.5 in the stock?
