So WDC dropped 16-17 points after earnings. I had small positions on several accounts. Options Income Blueprint suggests that with a big drop like that quicker to break even by taking delivery of the stock and selling covered calls than to keep rolling the put.
So I have taken the stock on half the accounts and am rolling the puts on the other half. 3 weeks in looks like the covered calls are winning. Rolling the puts I am only able to get about 0.20 of time value each week but selling the covered calls a few strikes OTM can take in 0.50-0.70. So the cost basis is already lower on the CC than the rolled puts and with even a slight rebound can get out at even.
If you are willing to sell ATM and roll the calls can get $1-2 per week which would make break even quicker but would probably have more adjusting. Will take me about 3-6 more weeks to fix them all the way but both work.
I think the CC is quicker to recover, just ties up more capital. The bottom line is a long as you know your cost basis and eventually close out the trade above your cost basis you will come out ahead and much easier with names that have weekly options.