Roll-Up Covered Calls in Alcoa Corporation

On October 29th, 2021 the Covered Calls Advisor established a Covered Calls position in Alcoa Corporation at the November 19th, 2021 $42.00 strike price.  The price of the 500 Alcoa shares has increased from the purchase price of $45.55 to $49.13 this afternoon.   Based on the suggestion of an astute subscriber to The Covered Calls Advisor blog, I decided to roll up from the $42.00 strike price to the $46.00 strike at the same November 19th, 2021 options expiration date.  A vertical debit spread transaction was executed at a net debit of $3.38 ($7.35 - $3.97) per share -- so $.62 time value per share ($46.00 new strike price - $42.00 old strike price - $3.38 net debit) was added to the Covered Calls position profit potential.  The price of Alcoa stock was $49.13 this afternoon when the roll-up transaction was executed and the Delta of the $46.00 Call options was 74.7 which was very close to the 75.0 Delta for the original Covered Calls position when it was established.

A potential return-on-investment result for this Alcoa Covered Calls position is +3.8% absolute return in 22 days (equivalent to a +62.8% annualized return-on-investment) if the stock price closes above the $46.00 strike price on the November 19th options expiration date. 
By rolling up the original Covered Calls, if assigned on the Nov. 19th expiration date, this result would exceed the +2.3% absolute return (+38.1% annualized) that was the maximum potential roi of the original Covered Calls position at the $42.00 strike price.  In Covered Calls investing parlance, this is sometimes referred to as "hitting a double" (instead of the usual "single"), since the roll-up enables us to sell Calls twice against the original stock purchase with both positions being at the same options expiration date.

Alcoa Corporation (AA) -- Covered Calls Position Rolled-Up

The transactions were as follows:
10/29/2021 Bought 500 shares of Alcoa stock @ $45.55 per share 
10/29/2021 Sold 5 Alcoa Nov 19th, 2021 $42.00 Call options @ $4.50 per share
Note: this was a simultaneous Buy/Write transaction
11/08/2021 Rolled-Up the Alcoa Covered Calls position by the following debit spread transaction:  Simultaneously Bought-to-Close the five Nov. 19th $42.00 Calls @ $7.35 per share and Sold-to-Open five Nov. 19th $46.00 Calls @ $3.97 per share.
A possible overall performance result (including commissions) would be as follows:
Covered Calls Cost Basis: $20,528.35
= ($45.55 - $4.50) * 500 shares + $3.35 commission
 

Net Profit Components:
(a) Options Income: +$553.30
= ($4.50 - $7.35 + $3.97) * 500 shares - $6.70 commissions
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If Alcoa stock is above the $46.00 strike price at Nov 19th expiration): +$225.00
= ($46.00 -$45.55) * 500 shares

Potential Total Net Profit (If assigned at expiration): +$778.30
= (+$553.30 options income +$0.00 dividend income +$225.00 capital appreciation)

Absolute Return: +3.8%
= +$778.30/$20,528.35
Equivalent Annualized Return: +62.8%
= (+$778.30/$20,528.35) * (365/22 days)