Roll-Out D.R. Horton Inc. Covered Calls Position

This afternoon, with only twelve minutes remaining until market close (and options expiration for the existing D.R. Horton Inc. Covered Calls position), the Covered Calls Advisor rolled out from today's (February 26th, 2021) $80.00 strike price to the March 19th identical $80.00 strike price.  This was done with only $.03 time value remaining in the February 26th Call options and at a roll-out net credit of $1.98 per share ($2.01 income for the two March 19th $80.00 Calls sold minus the $.03 cost for the February 26th $80.00 Calls bought-to-close).  The Covered Calls Advisor wants to retain this DHI Covered Calls position going forward.  The DHI stock price was out-of-the-money at $77.82 when this roll-out transaction was executed, which was well below the $80.00 strike price.  Note: the next quarterly earnings report was checked and it is not until April 27th, well after the March 19th options expiration date.

Two potential return-on-investment results for this D.R. Horton Covered Calls position are: (1) +3.1% absolute return in 47 days (equivalent to a +24.3% annualized return-on-investment) if the stock price is unchanged at $77.82; and (2) +6.3% absolute return in 47 days (equivalent to a +48.9% annualized return-on-investment) if the stock closes above the $80.00 strike price on the March 19th options expiration date. 

The detailed transactions and two potential results are provided below.   

D.R. Horton Inc. (DHI) -- Roll-Out Covered Calls Position
The initial Buy/Write transaction was as follows:
02/01/2021 Bought 200 shares of D.R. Horton Inc. stock @ $76.28 per share 
02/01/2020 Sold 2 D.R. Horton February 26th, 2021 $70.00 Call options @ $7.44 per share
Note: the Implied Volatility of the Calls was 40.8 which (as desired by the Covered Calls Advisor) was above the S&P 500 Volatility Index (VIX) reading of 32.1 when this transaction was executed.
02/10/2021 Roll-Up transaction: Bought-to-Close 2 DHI Feb. 26th, 2021 $70.00 Call options at $13.43 per share and simultaneously Sold-to-Open 2 DHI February 26th, 2021 $80.00 Calls at $4.45 per share.  Note: the Implied Volatility of the $80.00 strike price Calls was 33.1 when this debit spread transaction was executed.
02/16/2021 Ex-dividend of $.20 per share
02/26/2021 Roll-Out transaction: Bought-to-Close 2 DHI Feb. 26th, 2021 $80.00 Call options at $.03 per share and simultaneously Sold-to-Open 2 DHI March 19th, 2021 $80.00 Calls at $2.01 per share.  Note: the Implied Volatility of the 3/19/2021 $80.00 Calls was 38.2 when this credit spread transaction was executed.

Two overall performance results (including commissions) at expiration would be as follows:
Covered Calls Cost Basis: $13,769.34
= ($76.28 - $7.44) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$82.64
= ($7.44 - $13.43 + $4.45 - $.03 +$2.01) * 200 shares - $5.36 commissions
(b) Dividend Income: +$40.00
= $.20 per share x 200 shares
(c) Capital Appreciation (If D.R. Horton stock is unchanged at $77.82 at the March 19th options expiration): +$308.00
= ($77.82 - $76.28) * 200 shares; or
(c) Capital Appreciation (If D.R. Horton stock is above $80.00 strike price at the March 19th expiration): +$744.00
= ($80.00 - $76.28) * 200 shares

1. Total Net Profit (If D.R. Horton stock is unchanged at $77.82 at the March 19th  options expiration): +$430.64
= (+$82.64 options income +$40.00 dividend income +$308.00 capital appreciation); or
2. Total Net Profit (If D.R. Horton stock is above $80.00 strike price at the March 19th expiration): +$866.64
= (+$82.64 options income +$40.00 dividend income +$744.00 capital appreciation)

1. Absolute Return: (If D.R. Horton stock is unchanged at $77.82 at the March 19th options expiration): +3.1%
= +$430.64/$13,769.34
Equivalent Annualized Return: +24.3%
= (+$430.64/$13,769.34)*(365/47 days); or   
2. Absolute Return: (If D.R. Horton stock is above $80.00 strike price at the March 19th options expiration): +6.3%
= +$866.64/$13,769.34
Equivalent Annualized Return: +48.9%
= (+$866.64/$13,769.34)*(365/47 days)