1. You want to sell the stock. By selling a deep in the money call against it you can get a little extra time premium for stock you were going to sell anyway. 2. You've had a big run up in the stock and want to protect recent gains.et's say you like McMoRan Exploration (MMR, oil & gas company). Stock is trading at 16.91 with $1 increment strikes so any option with a strike of 15 or less would be deep in the money. You could buy 1000 shares of stock at 16.91 ($16910) and then write ten Mar 15 calls for 2.45 ($245).