Rolled Forward and down UWMC Covered Call -19.22% potential income loss in 129 days

On February 04, 2022, I rolled forward and down 1 covered call on UWMC stock, a position I originally established at the start of October 2021 by investing $682, see: Established New Covered Call on UWMC; Potential Income return 3.9% in 7 days

I rolled down because the stock has dropped significantly under my current strike price. Looking to protect me in case of a further downturn. Might be troubled if a stock will quickly rebound.

United Wholesale Mortgage (NYSE: UWMC) is the wholesale mortgage lender

This is not trading advice. Investments in stocks, funds, bonds, or cryptos are risk investments and you could lose some or all of your money. Do your due diligence before investing in any kind of asset.

here is the trade setup:

• SLD 1 UWMC FEB 11 '22 4.5 Call Option 0.12 USD

here I sold next Friday’s (February 11, 2022) expiry call option receiving $12 (before commissions)

What happens next?

On the expiry date, February 11, 2022, UWMC is trading under $4.5 per share -  options expire worthlessly and I keep premium - if UWMC trades above $4.5 on the expiry date, my 100 shares will get called away and I realize a loss of $130.4 or potential income loss of -19.22% in 129 days.

Break-even price: $6.82-$0.94= $5.88

I’m getting quite pessimistic on this position, as this is already the 3 time I’m rolling down strike prices. Lets see will I be able to recover this trade.