Example:

AMD

34.5*200 = 6900

current price: 32
current loss: 2.5*200 = 500

(1) covered call at 35,Jan: 0.9*200 = 180

If the stock price is above 35, I can make 0.5*200+180 = 280
if the stock price is below 35 but above 32, I will lose at most 500-180=320.
if the stock price is below 32, but above 30, I will lose at most 900-180 = 720.
if the stock price is below 30, I will lose >720

(2) covered call at 30,May: 5*200 = 1000

If the stock price is above 35, I can make 1000-4.5*200 = 100
if the stock price is below 35 but above 30, I can make 1000-4.5*200 = 100
if the stock price is below 30, I will lose?