LEAPS which one is better today

I am cautiously bullish on SPY and want to buy LEAP call options 19-Jan-24 expiration. Today’s SPY price is 447.57. Which option is better 415 (OTM) or 440 (ATM) strike? The strategy to sell short 30-40 DTE calls against it at 20-30 deltas.
Current LEAP risk for 415 strike 15.15% ($77), for 440 strike 11.52% ($61).
The strategy is for IRA.
Any comments / experience is very welcome. best,
HG

 

19-Jan-24 LEAP has 649 DTE

 

Wouldn't 415 call make it deep ITM?

Or did you mean puts?

 

Apologies. Correct! I was playing with synthetic LEAPs using same strike LEAP puts and stock… just made an error. The questions stand though with 440 strike LEAP call ATM and 415 strike LEAP call ITM…

 

Not much difference in terms of delta. I'd probably go with the 440c with more OI in that case.

 

My preliminary calculations in the pic attached. ATM 440 LEAP seems to be better for my taste in terms of risk/reward profile. btw, Vol is 20.74% for SPY and 28.70% for 415 strike and 26.74% for 440 strike call…