Scenario: If I hold 100 shares of XYZ, I can sell 1 XYZ call. Let's say the current price of XYZ is $50. What if I sell a call with strike price $45? Does that mean the underlying owner can call away the shares immediately, or do they have to wait until the expiration date?
I ask this because my brokerage gives premiums for prices lower than the current price, so I assume it's possible?