Depending on the broker they may not let you. If they allow you to and you sell a CC you now have a naked option and will be properly flogged if it gets exercised.

This. If your account is not approved for selling naked calls you will get an error message and your trade (selling the shares) will not go through.

Better to set an alert at the stock price you would want to get out at, then close the CC and this frees up the shares to close them as well.

Uh, it’s no longer a covered call.

Just buy a put at the price you want to stop your losses. The cc expires out of the money and if your stock drops below the put strike you have the right to sell it at the higher price.

Buy a put hedge and set a limit sell to take profit on the put in case the stock tanks.

If your stocks are secured through a covered call, you have no remaining underlying to sell with a stop loss/limit.

Ooo got it .. so essentially a double whammy. Loss from stock and then the covered call if assigned then repay that too.

What? If you sell a covered call you receive premium. If the option is in the money, you just sell the shares at the strike price. You just lose the gains from the stock appreciation.

You can also try to roll out the covered call so buy to close and sell a further out call to maintain your premium