Think of a Covered Call like owning a rental property. You already own the house (100 shares of a stock), and now you want to collect monthly rent on it.
You sell a "Call Option" to someone else, agreeing to sell them your 100 shares at a higher price than it is right now. For making this promise, they pay you cash immediately (your "rent"). If the stock price doesn't reach that high price, you keep your shares AND the cash. If it does reach that price, you sell your shares for a profit, plus you still keep the cash you collected upfront.
When you already own 100 shares of a stock you like, but you think the price is going to stay relatively flat or only go up slightly in the near future.
Our backend screens for stocks with a solid baseline (SMA 200 Rising) but that are hitting short-term resistance, optimizing the "rent" you collect without losing your shares too early.
Vectorized screener for Covered Calls is currently in development...