I had to look up WCE, never heard of them before. In the oil and gas sector I did pretty well with WCP and SU in 2022, mind I have been holding them for a while and writing covered calls and collecting dividends, even bought some WCP back in March 2020 when it dropped below a dollar a share. my ACB for WCP was under $4, I ended up selling half my holdings in mid January this year and the earnings covered the cost of the other half I still own, so basically those shares are free as I got all my money back that I used to buy the shares.
Today I decided to take a position in SHOP, bought the shares and immediately sold a long term covered call. The income from the call returned just under 20% of my initial purchase price of the shares. After hours the share price dropped as people were not happy with the results and the guidance but I will have them until the call expires so lots of time for the price to go back up. Besides, the reduced price is still above my ACB after selling the covered call.
I had wanted to make this play with Tesla but I didn't get the money from the sale of my WCP shares until after Tesla started its breakout. I was looking to get in around the $110 range, a colleague from work actually got in at that range. He had been saving to buy a Tesla but used the money he had saved to buy the shares instead, good move on his part.