Posted this in my journal as well, but would like an answer so copying here in hopes to get a response: This might seem like a pretty dumb question to some but I admit I am new to this strategy. I see this anamoly occur every now and then and would like to make sense of it. Today Macy's common is down about 0.33 as of writing this. My sold call for 22 Oct 27 strike is up 0.22 (over 38%). I couldn't find any news on Macy's, there is no upcoming earnings prior to expiration day, no dividends, no major news that I can find, and on top of that the VIX is down today as well. I've noticed this happening one or two other times in different underlyings as well during my venture in this strategy. Can anyone help shed light as to why this is happening? Thank you.