... $7,6 43 Return-if-exercised = 7,6 43 ÷192,952 = 3. 96%(47. 53% annualized)Example 10 .3 Return-if-unchanged–CommonProceeds from stock sale $196,950− Stock commissions −1 ,30 0+ Dividends (0.2%) 39 5− ... bondselling for 1 23 3/4, the stock is at 1511/2, and the IBW May 155 calls are sell-ing for 4 3 /8. Each bond is convertible into 6.5 shares. This means that 200bonds will give 1 ,30 0 shares ... down and forward—keep some of your original write, and roll down and for- ward some into the next expiration month. Note that rolling down and forward restricts the maximum profit potential for...