Let's say you have decided to sell the shares and about to pull the trigger (for example, PLTR is at 75 now and you just can't see it go any higher).
Instead of selling PLTR at 75, you can literally buy ATM put which is likely to be expensive, let's say it costs you $8 to enter a put hedge.
Then you wait for a day or 2, and one of 2 things will almost certain take place
1: PLTR going down as you have expected, in this case, your put hedge instantly become profitable
or
2: PLTR goes up from 75 to 80. While you have a loss on your put at this point, you can sell covered call for strike price of 80, which is likely also $8 (because PLTR price has gone up)
From now on, if PLTR continues to rise, your covered call will evenutally be called away, but at price of 80, so you are eseentially selling your shares at 80. If PLTR turn around and crash, your put will still protect you, but since you have sold covered call, your premium on the put is 0.
In either case, it is better than selling shares at 75 outright.
