We stand to make as much as $1286 on our two covered writes if GDX settles $35 or higher on Friday. To lock in the profit, let’s spend $20 (or $10 for each covered write held), bidding 0.10 for two February 35 puts (GBJNI). This will turn our position into a riskless “conversion,” and if you work the numbers you’ll see why it would lock in our considerable paper gains. Make the bid good through Thursday, contingent on the stock trading 38 or lower. Note: The covered write was legged on, effectively, at 31.12 for 200 shares of stock and 2.55 for each of the two short calls.