WIDE bid ask SPREAD, can I neutralize this for no loss?

Lesson learned inexpensively

 

The opposite put of a 100 delta call would have to be cheap. Assuming in my writing that he could pick it up for a penny, 2 at most.

 

Absolutely true if the put is available for a penny or two but that may not necessarily be the case because the call has a Holland Tunnel wide spread and you can hide a lot of put premium in there (if expiry is a further month and/or higher IV).

 

what is the risk? if you get assigned won't that be good then since its a covered call?

 

He sold the call under intrinsic.