I have 100 AAL at average 11.6. Is it a good idea to sell puts now to collect premium? Or what is the best way to cover my loss?

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You can sell calls. At May 8 $11.50 is at $0.53 right now. That would bring your cost basis down to 11.10 roughly.

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Yes sell a call. Earnings are soon so premiums are good.

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