You can play with it all you want...but it seems to me you want to have your cake and eat it too. Only thing is, in options, somebody else usually eats it first. (Problem with options IMO is that the transaction costs remove any profit from the trade over the long haul). Its like trying to make a profit on your homeowners insurance policy. It may also be a sign that you're not "confident" enough with the trade in which case, don't take it.