Century Aluminum (NASDAQ: CENX) closed Friday's trading session at $19.98. In the past year, the stock has hit a 52-week low of $8.25 and 52-week high of $20.76. Century Aluminum stock has been showing support around $19.51 and resistance in the $20.35 range. Technical indicators for the stock are Bullish. For a hedged play on this stock, look at the Sep '11 $18.00 covered call for a net debit in the $16.63 area. That is also the break-even stock price for this trade. This covered call has a duration of 138 days, provides 16.77% downside protection and an assigned return rate of 8.24% for an annualized return rate of 21.79% (for comparison purposes only). A lower-cost hedged play for this stock would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the CENX Jan '12 $10.00 call and selling the Sep '11 $18.00 call for a total debit of $7.05. The trade has a lifespan of 138 days and would provide 14.66% downside protection and an assigned return rate of 13.48% for an annualized return rate of 35.64% (for comparison purposes only). Century Aluminum does not pay dividends at this time.