The idea is similar to the tradditional covered write (buy underlier, sell call) extended to exotic options: Buy the underlier, and no-touch options. If no touch, one has the payoff from the no-touch options. If there is a touch, the underlier is sold for a profit underlier minus the amount of no touch premium spent. Was it tested in the literature? Are you using it? Do you know of others using it? Etc Any results of equivalency to other options strategies?