Tech is undoubtedly a desirable sector, but juicy dividend yields can be elusive in this group. After all, these companies typically plough all of their profits back into research and development. However, there’s still a way for income investors to generate outsized cash flow from fast-growing tech stocks with regularity…and that’s by selling covered calls.

You may have heard this short-term option strategy described as a “buy-write,” because you are simply “buying to open” shares and, at the same time, “selling to open” (writing) call options against them. In my view, these trades are the best way to pile up income every 30 to 60 days by taking full advantage of the volatility associated with the tech sector.

Most of the market’s technology leaders offer excellent option premiums for just out-of-the-money covered-call strategies…and, even better, the shares themselves have great profit potential. Let me walk you through today’s top option-income trade step-by-step, to demonstrate how you can use this strategy for double-digit gains.

My Buy-Write Recommendation for Mobileye (MBLY)

As one of the hottest initial public offerings of the year, shares of Mobileye (MBLY) have maintained a powerful upward bias on the basis of breakthrough technology that is being rapidly adopted by the automobile world.

We’ve all seen those BMW (BAMXY) commercials in which the driver avoids major road hazards via technology that greatly enhances human reaction to avoid accidents — that’s exactly what Mobileye provides: camera-based Advanced Driver Assistance Systems. Mobileye is the worldwide leader in designing and developing this kind of software and related products, and its most recent quarterly financials point to a very strong trend already in place.

For the second quarter, total revenue of $33.7 million was up 91% year over year, while net income of $11.2 million was ahead by 73%. Market demand for Mobileye systems is just getting traction, and Mobileye is addressing several other markets that will continue to keep sales and earnings in a vertical pattern for years to come. This is transformational technology that will become an industry standard.

Mobileye priced 35.6 million shares at $25 in early Aug. and opened at $39.50, after which it settled back into the low $30s, then vaulted to new highs over $60. MBLY is currently in a $50 – $55 range, where I expect it to consolidate before making its way toward that $60 level.

Traders that buy shares in MBLY at $53 can then “sell to open” the MBLY Nov. $55 calls for a fat premium of $5.00 per contract. Keep in mind that each call contract obligates its seller to provide 100 shares of the underlying stock to the buyer, assuming he or she decides to exercise the call option. So, if you purchase 500 shares of MBLY (for example), you’ll be able to sell five of those calls…earning yourself an outstanding “dividend payment” of $2,500 in upfront option income.

The stock has rising technical support at $52, where its 20-day moving average comes into play. Assuming shares of MBLY maintain their upward bias, there is a high probability that the call buyer would “call away” MBLY stock at our $55 strike price on the option’s Nov. 21 expiration date. And that’s just what we want, because it would generate a 13.2% total return in just over six weeks (including our $5.00 call premium).

This exercise in high-tech cash generation can be repeated throughout the year, and not just with Mobileye. By spreading out this strategy among a few names, you can bring in a hefty yield rivaling that of the traditional dividend strategies you may have elsewhere in your income portfolio. You just have to know where to look.

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Bryan Perry is the editor of Cash Machine, a newsletter focused on high-yield income investing with the goal of maintaining a blended total yield of 10% across two portfolios. And most recently, Bryan introduced Cash Machine Trader. With this service, he’s increasing the income stream potential even further by using covered call writing strategies to generate yield in the form of option premium — on top of capital appreciation income from well-known stocks.