To execute this strategy you would buy 100 shares of the underlying stock for each call you plan to sell. Many brokers will allow these 2 trades to be combined into a single order.

This is a conservative strategy. You know your entry price (the current stock price) and you know your exit price (the option strike price). Given these numbers along with the option price and the number of days until maturity we can calculate the APR.

If the stock goes up, you get your APR. If the stock bounces around, you get your APR. If the stock drops less than the hedge percentage, you get your APR.

You don't start to lose money until the stock drops by more than the hedging percentage. People that simply bought the stock would already be down by the hedge amount, you would still be at break-even. You will have lost less than they did. For example, if you wrote a covered call with a 10% hedge on a stock that was $200 then the stock would have to drop by over $20 to create a lose. If this example stock dropped to $180 you would be at break-even while other people that bought the stock at $200 (and now own a $180 stock) would be down 10%.