If you own 100 shares of QQQ you could enter an order to sell one june7, 450 call at....5.47........That knocks out the specialist because you are now offering to sell cheaper than he is. So YOUR offer is displayed nationally instead of his. ))) ( lots of mind games to play with the market maker)

Someone buys your contract. You receive 547$ minus transaction costs.

Expiration rolls around and if QQQ closes below 450 the contract expires worthless and you keep the money received up front.

If QQQ closes at 452 that contract now has 200 dollars intrinsic value...You can either buy the contact back at a bit over 200 to close your position. You will still make a profit of somewhere around 340 because you took in 547 up front. OR.......you can let it run through expiration and lose your shares of QQQ but get paid 450 per share for them....the strike price of the contract. You will still keep the initial premium of 547$
You will make a profit on the trade as long as QQQ closes below 455.47 at expiration...... if it closes above that point you will incur a loss.

Lets say QQQ closes at 456 at expiration. You will have a loss of .53 x 100 or 53 dollars plus transaction fees.

CONY paid 3940.20$ on 39500$ Last month

FYI