I have a few years stock investing experiences. I just started the option trading three months ago. I own quite a lot of EWZ March 70 and June 75 calls. The objective is to write monthly cover calls to generate income. I have successfully done it in the past two months. Now the EWZ is plunging. I know I made a huge mistake. With my option knowledge level I shouldn't converted all my EWZ equity holding to option. Any advises to add other options to a compound spread setting to help preserving the value and generate income will be highly appreciated.