About a month ago @jeffcp66 mentioned an idea to use long call and put LEAP’s instead of the long put and a short call spread.

I have been testing this strategy live from early December 2025 and despite the Call premium being 2x the put premium, the strategy is viable.

Original position was Long Dec17’27 685 Put and Call. It was changed to Long 690 Put and 685 Call.

Pros:
Any loss on the put side is covered by the gain on the call side.
While #FuzzyLEAPs are naturally losing money in the up move, this trade does not.

Cons:
Definitely requires larger initial investment.
Difficulty to roll up the calls, as they get easily ITM.

Not sure how this position will behave in a strong down move, because the call premium was 2x the put premium.