Note that even if MMR fell from its current 16.91 down to 15 (the strike price of the options you sold) you would still make the $540. And if it fell to $14.46 you would break even. That's because you have $2.45 of downside protection from selling deep in the money covered calls.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).