Hedging

#2
If I got your question right, you want to know if selling a call at higher levels will hedge long futures positions. No, it will not hedge the position, but only reduce the cost of the futures to the extent off the premium received from selling the call. However, this strategy will result in a limited profit potential, as opposed to the unlimited profit potential of a long futures position. You will achieve maximum profit if the price of the underlying just about comes to the strike price of the call that you have sold.
 

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