Rolled-Up Covered Calls in Nucor Corporation

On January 5th, 2022 the Covered Calls Advisor established a Covered Calls position in Nucor Corporation (ticker NUE) at the January 21st, 2022 options expiration date at the $115.00 strike price.  The stock price declined precipitously to the low $90s largely because of the decline in the spot steel price.  At that time (on January 24th) Nucor out-of-the-money February 18th, 2022 $97.50 Call options were sold to begin an attempt to repair this losing Covered Calls position.  Prices have since bounced back to $110.34 today when I decided to roll up $12.50 from the $97.50 strike price to the $110.00 strike price and at the same February 18th, 2022 options expiration date.  A vertical debit spread transaction was executed at a net debit of $9.20 ($13.20 - $4.50) per share -- so $3.30 time value per share ($110.00 new strike price - $97.50 old strike price - $9.20 net debit) was added to the Covered Calls position profit potential.   

A potential return-on-investment result for this Nucor Corporation Covered Calls position is now -8.4% absolute return in 44 days (equivalent to a -69.9% annualized return-on-investment) if the stock price closes above the $110.00 strike price on the February 18th options expiration date. 

Nucor Corporation (NUE) -- Continuation of Covered Calls Position
The simultaneous buy/write transaction today was as follows:
1/5/2022 Bought 300 Nucor shares @ $121.94
1/5/2022 Sold 3 Nucor 1/21/2022 $115.00 Call options @ $8.55
Note: the Implied Volatility of the Calls was 37.5 when this transaction was executed, well above the S&P 500 Volatility Index (VIX) of 16.7.
1/21/2022 Three Nucor Call options expired out-of-the-money and 300 shares of Nucor retained in the Covered Calls Advisor Portfolio.
1/24/2022 Continued the Nucor Covered Calls position by rolling it out to the February 18th, 2022 $97.50 strike by selling 3 NUE Calls at $3.05 per share.
2/02/2022 Rolled-Up the NUE Covered Calls position by the following debit spread transaction:  Simultaneously Bought-to-Close the three Feb. 18th $97.50 Calls @ $13.20 per share and Sold-to-Open three Feb. 18th $110.00 Calls @ $4.50 per share.  

A possible overall performance result (including commissions) for this rolled-up Nucor Corporation Covered Calls position is as follows:

Covered Calls Cost Basis: $34,019.01
= ($121.94 - $8.55) * 300 shares + $2.01 commissions

Net Profit Components:
(a) Options Income: +$713.97
= ($8.55 + $3.05 - $13.70 + $4.50) * 300 shares - $6.03 commissions
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If Nucor shares assigned at $110.00 strike price at options expiration): -$3,582.00
+($110.00 - $121.94) * 300 shares

Total Net Profit (If Nucor shares assigned at the $110.00 strike price at the Feb. 18th, 2022 expiration): -$2,868.03 = (+$713.97 + $0.00 - $3,582.00)  

Absolute Return-on-Investment (If Nucor shares assigned at $110.00 strike price on Feb. 18th, 2022 expiration): -8.4%   = -$2,868.03/$34,019.01

Annualized Return-on-Investment (If Nucor stock assigned at $110.00 at the Feb. 18th, 2022 expiration): -69.9%

= (-$2,868.03/$34,019.01) *(365/44 days)