Opening (IRA): SOXL March 21st 29 Covered Call... for a 26.85 debit.
Comments: High IV; starter position. Selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 26.85
Max Profit: 2.15
ROC at Max: 8.01%
50% Max: 1.08
ROC at 50% Max: 4.00%
Will generally look to take profit at 50% max, add at intervals if I can get in at better strikes/better break evens than what I currently have on, and/or roll out the short call if take profit is not hit.