I have 936 shares of SPY with an average price of around $126.50. I'm planning on selling them at $134.50. Since I'm planning on selling them at $134.50, would it not make sense for me to write covered calls on them and get paid to wait for them to hit my target profit? Help me determine the strategy to use here. Should I write 9 calls at $134? Or $135 (since I can't do $134.50)? How do I know which month is best? As far as time, I really don't care when it hits $134.50. Tomorrow would be cool, as would a year from now. May 134 calls are $2.34, so 9 of them would get me like $2,106. Jan $134 calls are $7.80, so 9 of them would get me like $7,020. But it might be more profitable to sell 9 at a closer month, and then do it again if those expire, and so on, right? Unless price goes down a lot, in which case $134 and 135 covered calls wouldn't be worth as much. I'm sure there's a "right" and a "wrong" way to do this, so help me plan my first option play. Am I missing something, or would doing this covered call strategy actually mean I'm being paid to wait until price hits my target profit?