Stick to the plan and earn more income by selling a covered call.

On July 10, you could have sold the August 16, $46 puts on the iShares MSCI Brazil Capped Fund (EWZ) for $1.25 each. You would have been assigned 100 shares of stock for every put sold with a cost basis of $44.75 ($46-$1.25).

Generate more income today sell the December 20, $45 covered calls on your EWZ shares for around $1.28 using a limit order. On the expiration date this position will be 7.7% annualized return (since it took time for the shares to recover enough to provide a good covered call opportunity).

Use a stop loss at $38.50 for protection. (about 14% below cost basis).