Markets are inherently unpredictable. While not necessarily chaotic, the changes and the rate and magnitude of those changes make directional market timing and prediction difficult. The ability to write/sell covered options to hedge existing positions allows a trader to effectively hedge using a strategy that leverages the passage of time and premium decay as a constant. Covered-call and -put writes thus provide a powerful tool in the trader’s toolbox.
And of course the quotes that scare most people but are a good reason to write options
“Whatever your weakness, the market will find it.”
“The smartest minds end up at the market.”
“Most traders have written more cheques to their broker than they’ve received.”
“Most option trades expire worthless.”