I was looking at some of my recovery trades and this may work. Buy LEAPs calls and puts, and sell weekly straddles/strangles against them. You can leave the original longs on, then just move the straddles and strangles around depending on how it moves. On most names could take in $2-4 credits per week.
Would not really need a hedge because you are long the put as well as the call but there may be a margin requirement if your strikes don’t line up after a while. Looking at 1 year leaps it would probably work. 2 years would take a few weeks just to break even. Here is a WDC example using Jan 19 leaps. I used to do this with multi -strike calendars and it was hugely successful until it just stopped working (once the VIX stayed below 15). However, it benefits from increasing VIX.