### Comment:
Have you ever tried selling expensive put LEAPS and covering them with dailies/weeklies? Seems like there might be money to be made there, and I've been thinking on it recently. I guess you'd really only have to cover whatever made sense. If the bottom dropped out far enough you might not need to worry about covers anyway, just buy a bunch of bullets.

### REPLY:
Better to BUY an ITM LEAP and then sell the weeklies slightly OTM. You're using a long expiration to create multiple diagonal spreads. Often refered to as a Poor Man's Covered Call, but you can do the same thing with Puts because of call-put parity.

### END.