Bought COP last Friday, when a cash secured weekly put was assigned. Price of $75 per share less option premium, which made my effective cost basis $74.78 after all commissions.

Wrote the April 75 calls yesterday for 40 cents, bringing cost basis down to $74.40.

If the calls get exercised, I have a small profit of 0.60/75 = 0.8% return for one week.

If they expire, I write April 27 weekly calls, hopefully get 40 cents/share net, bringing the cost basis down yet again, to about $74.10. Then if those get exercised, it will be a profit of 0.90/75 = 1.2% for 2 weeks.

On an annualized perspective, returns are HUGE. Unfortunately, there is zero chance of that happening throughout the year.