www.jpx.co.jp/ose-toshijuku/column/225futuresandop/01.html

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先物の損切ラインを遠くして損失を減らす「カバードコール」 | 北浜投資塾 - 大阪取引所（日本取引所グループ）

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https://www.jpx.co.jp/ose-toshijuku/column/225futuresandop/01.html

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This page explains how to address the challenge of setting stop-loss levels in Nikkei 225 futures trading. It presents the "covered call" strategy as a solution to the dilemma where close stop-loss levels trigger on minor price movements, while distant levels result in larger losses. The strategy involves selling a call option at the intended profit-taking level, which allows traders to set stop-loss orders further away while limiting potential losses. A concrete 2018 example demonstrates how this approach improves risk management in futures trading.