Buy Goog Sell July ITM Call strike X Buy July OTM PUT strike X Net $220 per unit after commission Risk is zero right? Equity needed about $2675 with 15% PM rules $507X100X0.15-Call credit+put debit=PM required? I know I am missing something obvious here but am too much of an options idiot to know what it is otherwise you are looking at an 8% monthly return for no risk, yeah right. I suspect that the cost for the margin might be the fly in the ointment. At 8% would probably work out to a little over $300 for the month making the position a losing one. Also, has the new PM rule changed things for you options gurus? Does PM apply to SSF and stock options further reducing margin needed for this position to about $2500? Is the cost of margin the reason why you are usually better off writing a put than putting on a covered call or have I got that wrong too?