Move to the dark side. Never. I was using naked (incorrectly in fact) to refer to the long 60s he already holds. My advice was to sell 6 of the 60s leaving him short 3 and use the money to buy the 50s. Leaving him with a 50/60 spread. Might make sense if intuit stays in this range.
RE: "You could get out of it by selling the 3 contracts you hold [true] and then sell 3 more [gasp!]."
Selling naked calls is probably one of the last things that I'd advise someone new to options to get into. The unlimited potential loss isn't worth the small premium. It's an option play that I personally avoid.
You could get out of it by selling the 3 you hold and then sell 3 more and use the money to buy 3 of the 50s. Not sure if that works out even but it has a better shot at making money than the naked 60s. FWIW
I am just a novice on the subject of option trading. ITM is In the Money, OTM is Out of the Money, and ATM is At the Money. I purchased some Nov $60 OTM options yesterday. This was my first option experience. I only purchased 3 contracts (1 contract is equal to 100 shares) at $2.25/share. I'm just getting my feet wet, so I didn't want to get carried away.
tom_richards_mm is knowledgeable in option trading. I just wanted to query what he thought and then the "candlestick man" had to put his nose into where it didn't belong.
60 call. Remember, whoever sold you that call just pocketed your money. INTU has to go to 60, then add in the price you paid, then you break even, all before the clock runs out. If it doesn't, the call writer gets to keep your money. All of this when we are in a terrible tech market, confusing election, and banks tightening credit after six rate increases? I really wish I had long shares that I could have written you those calls and taken your money!