I currently have one short put that’s at the same strike as my long LEAPs and I roll it out a month at a time just to help with upside risk. As long as I have to keep rolling it the market is “capped” and everything else is free money since LEAPs aren’t needing rolled up. Adding another position but selling against it aggressively every day. I’ll call it the “floating cap” to really help with upside risk. The delta on it will be much higher than the longer term cap.

I’m sure there will come a time where I have to roll it more than a day but will try to keep it as close in time as possible.

Long story short: The goal is to have upside help so I can sell the big part of my positions slightly more conservatively day to day.

Great fill on the LEAP today BTW.

Bought SPX Dec 20 2030 7600.0 Put @ 725.00

Sold SPX Aug 4 2026 7625.0 Put @ 47.50