Opening (IRA): USO April 17th 68 Covered Call... for a 66.58 debit.
Comments: With /CL dropping sub-70/bbl., putting on a starter position in USO, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 66.58/share
Max Profit: 1.42
ROC at Max: 2.13%
50% Max: .71
ROC at 50% Max: 1.07%
Will generally look to take profit at 50% max, add at intervals if I can get in at strikes/break evens better than what I currently have on, and/or roll out short call if my take profit is not hit.