Covered Writers are nervous! SPX is $2100 today, 20 points off the all time highs. VIX is around 14, in the lower end of the range. With prices in the upper end of the range and VIX levels in the lower end of the range, I would want more downside protection for my covered writes. Solution? Sell Calls at-the-money or 5% in-the-money to get more downside protection. In many cases, going at-the-money or In-the-money for your short strike with Covered Writes, you can get between 4-7% more downside protection than traditional covered writes which sell out-of-the-money options.