Sorry I'm fairly new to options. I read the wiki and didn't see this directly covered but please feel free to redirect me if this is covered somewhere.
I'm trying to figure out if I can collect premium on a ITM option I'm holding.
I'm currently hold 1 contract of PLTR 80 Call with a Oct-17-2025 expiration, my cost basis is $9.33/share (currently trading at $47 ish)
I believe there is still some upside and would probably close out my position with the underlying around $125/share
Can I sell covered calls with a strike around $125 collect the premium on the sale of that position and cover it with my long position on my $80 call without eroding the value I have in my long position? for instance if I sell a covered call and my strike is reached would I still collect on the full value of my existing position at that contract value while still collecting the premium?