Short notes that start from the question you are asking, compare two ways to answer it, and end with a rule of thumb you can build in one click.
Stock replacement
LEAPS vs ZEBRA
Rule of thumbHolding for more than about three months, or planning to sell calls against it? Use a LEAPS. Playing a shorter move and unwilling to pay for time? Use a ZEBRA.
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Risk repair
Short straddle vs Iron fly (wings added later)
Rule of thumbAt 25–50% profit, buy wings no wider than the remaining net credit. Too expensive at that width? Take the profit.
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Income
Covered call vs Cash-secured put
Rule of thumbAlready own the shares? Sell the call. Want to own them at a lower price? Sell the put. Choose by what you hold, not by which premium looks bigger.
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Income
Credit spread vs Debit spread
Rule of thumbIV Rank high (50 or more)? Sell the credit spread and let the rich premium decay. IV Rank low (30 or less)? Buy the debit spread while options are cheap. In between, the edge is small: size down or wait.
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Income
Calls at your basis vs Calls below basis
Rule of thumbSell calls at or above your adjusted basis: the strike less every premium collected. If that call pays almost nothing, go further out in time, not lower in strike. Go below basis only when you have decided you want out.
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Risk repair
Collar vs Protective put
Rule of thumbExpect a strong trend up? Use a protective put: pay for the floor and keep the upside. Expect chop or a slow grind? Use a collar: let the call pay for the put.
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Defence
Roll vs Close
Rule of thumbSet the stop before you sell: close at a loss of about 2× the credit. Before that, roll the untested side closer for credit, and roll out in time only for a net credit. Never roll just to avoid taking a loss.
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