If you already own 100 shares
Income call
For income on CNC you already hold: sell the Oct 9 $76 call and take $60 now. If CNC climbs to $76 by Oct 9, your 100 shares are sold at $76, so only do it if you're happy selling there.
If it climbs past $76 your 100 shares are sold at $76 and you keep the $60. That is the trade working, not a loss.
The call order
ActionSell to open
ContractCNC Oct 9 $76 call
You get$60 (limit about $0.60)
If it climbsYour 100 shares sell at $76
Chance your shares are soldabout 16 in 100
After removing the trend-21% a year