LOL, I just realized we don't have AAPL in the LTP. In the OOP, it's a bit expensive and I was hoping for a lower test but, for the LTP, we don't mind legging in so lets:
- Buy 20 AAPL 2020 $150 calls at $31 ($62,000)
- Sell 10 AAPL 2020 $145 puts for $13 ($13,000)
That's net $49,000 and our plan is to sell 20 of the 2020 $180 calls (now $17.30) for $20 or better ($40,000) which drops the net of the $60,000 spread to $9,000 and then we can sell short-term calls, like 5 of the April $170s, which are now $3.80 for $5+ and that would raise $2,500 against our $9,000 outlay and it only uses 67 of our 704 days so, in theory, we can sell $25,000 worth of calls while waiting for our $51,000 payoff.
Kind of makes you wonder why we bother with any other trade....
