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Basic Question :)

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I own 100 UAL shares.

I sold a  $37 call before the vaccine news ....for   $220 ...... its now priced at $620 .......   

The shares are trading at $42 

So my thought is ........... 

If I cover myself ....... Ill have to buy to close at a cost of $620. I already received $220. So a cost of $400 to close the option.

But .... if I immedaitely sell my position ..... I collect the full $4200 versus the the $3700 ..... so a $500 gain.

So overall puts me $100 ahead doing it this way........

Right/wrong ? 







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