Sold New Covered Call on VXX

After buying puts and selling covered calls on my VXX shares a couple months ago I put the position out of my focus and worked on other bullish plays.  Once VXX dropped a little further I should’ve jumped back in with new calls at a lower strike, but kept dreaming that VXX would recover or flatten out.  I’ve given up on that idea for now and decided to take in some new premiums today while my downside is protected with the long puts at the June $50 strike.

While VXX was trading at $32.59 I sold one VXX February 32 covered call at $2.45 and received $244.61 after commissions.  I’m calling this one a covered call, although I have three calls I’m short now on 200 shares I own.  It’s semantics, but if VXX does finish February options expiration above the strike then it’ll be this one that comes into play well before my June $70 calls.  I only sold one call so far in case VXX does the unimaginable and goes up again for more than a day.  Once it drops some more I’ll probably sell another covered call at a lower strike. 

I’d like to leave the two naked calls I have at the June $70 strike in place to take a full profit or at least a bigger profit before closing them.  I don’t see VXX getting back up there.  Ideally I’ll be able to write new at the money or near the money covered calls each month as VXX creeps lower and these expire worthless.  Eventually I think it’ll have another up month and my shares will get called away, at that point I’ll close the higher strike calls and end the position.

Based on how low VXX has fallen today I probably should’ve sold this new covered call even lower.  I doubt I’ll wait too long before selling my next leg into this position, but the lower volatility falls, the more I think it’ll be due to rebound.