I bought 100 shares of HPQ stock after it broke above resistance trendline and I sold the 16.50 call option to mitigate downside risk . By buying 100 shares at 16.45 and selling 1 june 19th call @ 16.50 strike, I collected a 1.20 premium which protects the trade by 7% (break even price at $15.25). I will reach my max profit if the stock trades sideways or remains above 16.50 where I will profit 125$ or 7.5%.
Hit the like button if you want an update in June on how this trade performed.