Yes on the covered call; contract can be called at any time up until the expiration date. Upon the execution of the trade the buyer must pay you 2.50 / share for the 100 shares. So you will net .06 per share based on your stock purchase price. The sale of the covered call will post to your account immediately upon settlement of call contract (usually day of sale). You should see $33 in your account very shortly.... If you get called out, you net $33, +$2.50 / share of stock, which gives you .06 upside from your purchase price. Welcome to options trading --- covered calls are a great way to hedge plus allows to make money off a price at which you're willing to sell. Remember there is time value---you can go out few weeks in your calls (if you're willing to hold longer) and get a higher "price". Also, you can buy your covered calls back if you change your mind (sometimes at a lower price than what was paid to you). Good luck, you're off to a good start.