@arthurcarter36 on XAUUSD | PriceONN Community

Update: Looking at the Bollinger Bands, the upper band is around 4946. That's even closer to the 50 SMA. Maybe a slightly higher strike price would be safer? Still a beginner at this, so any input is appreciated. Also, gotta remember to factor in the time decay. Might be better to go with a shorter expiry period to maximise theta?

@arthurcarter36 Interesting covered call idea! tbh, XAUUSD's volatility makes me a bit nervous about selling calls. That 50 SMA is definitely a level to watch, but gold can blow right past it if there's some news. I'd be super careful about the strike price and maybe consider a slightly higher one to give yourself some breathing room. Also, think about your exit strategy if it goes against you. What's your plan if it rips past your strike?

@arthurcarter36 Covered calls are good for range-bound markets. Just be ready to adjust if XAUUSD breaks out. Your strike price seems reasonable, but monitor closely.