Ran into an interesting question from a colleague. He currently has a ratio covered call going (4 long underlyings and 5 short calls). All calls are for the current period (Aug). The calls are deep ITM. He trades the ES (S&P emini) like I do. He is long at 972 and the short strike is 970. He received 25 points for each call. Without having to exit one of the calls to be "covered," what are his options to stay synthetically covered? I didn't really have an answer for him, for I have never come across this situation. I toyed with the following idea: sell a put at the latest support level, which happens to be at 995. The premium amount was 16 for the 995P. If the underlying finished between the put strike and the call strike, he will lock in a small profit of 16. If the underlying finishes at 1011, then he keeps the premium and has a loss of 41 points on the assignment (assuming he covers the 970C on the close on expiration Friday. Net loss is 25 points). Now suppose the underlying surpassed the 1010 level (which, on a technical basis is very possible). My thought was to roll up the short put as the break-even point is surpassed, and keep doing this until expiration. I appreciate any thoughts, for my buddy and I am really stumped.