|Re: Covered calls|
My plan would include buying only blue chip low volatility dividend stocks. Please instruct me whether this makes any sense. Lots of folks sell calls against their core portfolio holdings. Keep in mind the low-volatility characteristic you seek results in correspondingly low option premium, as implied volatility is a major component of option pricing. You'll have to evaluate if the premiums received in today's historically low volatility environment compensate you enough for the risk of losing your shares.
Also, note that you don't have to hold the call until expiration, and you can always roll the option out in time (and sometimes, out and up if the premium works in your favor) if you don't want the shares called away, rather than accept assignment and lose the shares (which is often a higher cost transaction).
If you decide to dive into the options world, be sure to read up on pitfalls like dividend risk to avoid unpleasant surprises.
Good luck and good trading.