I purchased 100 shares of a stock in late Sept. for 4.50 and wrote a $5 Oct call for .75. The stock quickly went up above $6 and has now gone down below $4. When it went up above $6, I could have bought the $5 Oct put for .45. I feel now that I should have bought the put and sold the underlying stock at a $1.50+ per share profit. Buying the put would have allowed me to lock in a profit and protected me against the naked call, right?