Yes, but he will also keep the premium for the puts he sold because they should expire worthless.Aggie1391 said:
So just to make sure I understand this, you will have to give up the 400 shares for the 4 calls at $150, essentially making you $11 per share, plus whatever you made off the call premium?
ETA: he also keeps the premium from selling the $150c that will net him a higher selling price.