If you already own 100 shares
Income call
For income on MAGS you already hold: sell the Oct 16 $76 call and take $38 now. If MAGS climbs to $76 by Oct 16, 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 $38. That is the trade working, not a loss.
The call order
ActionSell to open
ContractMAGS Oct 16 $76 call
You get$38 (limit about $0.38)
If it climbsYour 100 shares sell at $76
Chance your shares are soldabout 20 in 100
After removing the trend-22% a year