I think I finally realize what you are telling me. Which I guess is to buy the index and trade covered calls against it. Thank you, John
It would be interesting to know if anyone has backtested selling slightly ITM puts on the SPY compared with using covered calls.
You can get a free trial here https://info.orats.com/backtest?hsC...40c69865|323aa3f2-923f-4ce1-943b-39002f2d9f16 Or maybe Matt will crank out a test for you. Options systems backtesting is a lot easier nowadays.