Opening (IRA): USO July 19th 67 Monied Covered Call... for a 65.60 debit.
Comments: Selling the -75 call against shares to emulate the delta metrics of a 25 delta short put, but with built-in short call defense and to take advantage of slightly elevated IV on the call side relative to the put. Would like 30-day IV to be higher here, but can't have everything (it's at 31.2%).
Metrics:
Buying Power Effect/Break Even: 65.60
Max Profit: 1.40 ($140)
ROC at Max: 2.13%/16.90% annualized
ROC at 50% Max: 1.07%/8.45% annualized
Will generally look to take profit at 50% max ... .