Opening (IRA): QQQ March 15th 380 Monied Covered Call... for a 371.81 debit.
Comments: Buying stock and selling the -75 call against to emulate a 25 delta put that is defense-ready via roll of the short call. This is temporarily in lieu of what I ordinarily do in broad market, which is to target the <16 delta strike paying around 1% of the strike in credit and slightly more aggressive delta-wise.
This only makes sense in a cash secured environment; on margin, you should probably do something else that is more buying power efficient (e.g., short put/take assignment/cover, Jade Lizard, short strangle, yada yada).
8.19 max profit on BPE of 371.81; 2.20% ROC at max; 1.10% at 50% max.
Generally, I'll take profit at 50% max and/or roll out the short call on test to reduce cost basis further and improve my downside break even.
