I have a decent chunk of change that I am looking trade and generate 1-3% monthly gains with minimum risk and consistent monthly returns. I have been working on a strategy where I will enter 20-30 covered call positions in large cap stocks and use part of the premium to buy puts on the OEX as a hedge. This should result in steady monthly gains of a couple of pct as long as none of the positions has a dramatic decline that is not mirrored in the index (I have a way to minimize the chances of this from happening). I am sure I am not the only one doing this, so please provide your comments and feedback so I can get another point of view. before I go live.