So here's the spread I've been doing for just over 2 years now: - Identify 10-20 stocks where the 2 S.D. put is close to a support level - Sell a weekly put for each stock, one week out, typically for ~$0.40 (usually a 95%+ win rate) - Depending on the stock this can be between 5-15% OTM - Buy the ~$0.05 put for protection (this has been hit 11 times in ~1500 trades) - Collect the ~$0.35 premium I keep running the max loss scenarios and it still seems to be an acceptable risk, given the probabilities. IB margin reqs for options this far out are usually pretty much the same as margin req. for the underlying stock, so I would be OK if every stock was assigned. I can't help but feeling that I've just been lucky but even the Feb 18 crash didn't dent performance. The stats on the trades have played out pretty much as you'd expect but still the performance is great: +37% in Yr1 and +29% in Yr2. Have I just been lucky?!?