Ok. I understand the broad strokes. Can someone help with this example. If I'm buying GOOGL calls Jan 2023. The 1600 call strike is 760. Delta is about .89 I buy 1 call strike lets say. Now I'm a poor owner of GOOGL 100 shares synthetically. The april 30th 2400 call is $23 1) I'm "safe" in collecting the full $2300 credit as as long as GOOGL does not expire above 2400 by april 30th...? 2) I can rinse and repeat over the next several months assuming a perfect world.....apart from unforeseen black swan events....what should I watch out for in PMCC management.... 3) is there any importance about the $2360 number? my 1600 call + 760 price of the call = 2360? I'm just freebasing ideas here...thanks for patience.