Opening (IRA): SPY March 15th 445 Monied Covered Call... for a 437.18 debit.
Comments: Laddering these out as I would short puts, buying stock and selling the -75 monied call against to emulate a 25 delta short put with slightly better metrics than selling the 25 delta put outright due to IV skew.
This setup (as well as short puts) allows me to make money in up, sideways, and -- to a certain extent -- down markets. I only start to potentially lose money in one scenario -- where price dips below my break even. Even then, I'm still able to "do something" to reduce my cost basis further via roll of the short call so that I can potentially turn what were shorter duration losers into longer duration winners. (That whole "duration over direction" thing ... ).
7.82 ($782) max on BPE of 437.18; 1.79% ROC at max; .89% at 50% max.
Take profit at 50% max and/or roll out short call on test to reduce cost basis further and improve downside break even ... .