when to ROLL up/down..... I have a question just a basic one because I under stand there are many factors at work, and in play with trader objectives but my question is this ... is there any basic rule of thumb .. when to roll up a position? for example... Abc at 50.00 sold abc covered call at 55 strike ... at the market is approaching 55 ... when would you want to buy the 55s and sell 60s? as the 55s are getting hit in the under lying,? prior? .. or after...???? Just some broad feed back because i know time is also a factor as well as vol etc... but just as a basic answer... what goes thru ones mind .. when a roll should be done... thanks any constructive information is much appreciated .. (and you don't have to tell me there is much more involved I understand this .. i am speaking in generalities) Thanks in advance. R.D.