This strategy is good for people who need "income",

such as people who are retired. It limits the big gain ( above the call price), but not limit the big down risk since you still hold the stocks. So in a bull market, this strategy may not perform as googd as the market.

With a high dividend, the stock price is relatively stable in a correction/bear market. However, it is better to use ETF with a high dividend. This would reduce rish associated with individual stock.