LEAPS

LEAPS are long-term call options used for stock replacement and capital efficiency. Learn deep ITM selection, delta 0.70–0.85, 12–24 months DTE, IV Rank filters, PMCC overlays, roll cadence, and risk-first sizing so you capture upside with defined downside.

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The Poor Man's Covered Call Approach to Dividend Kings

Fifty years of consecutive dividend increases is the kind of track record that earns a stock a permanent seat at the table. The catch is the capital required to own these names at scale. The PMCC structure offers a way around it, with one trade-off worth understanding before you commit.

Andrew Crowder

The LEAPS Collar: Protecting Your PMCC When Conviction Wavers

A practitioner's guide to protecting a profitable PMCC by using the short call you are already selling to finance a protective put. Three legs. One expiration. No timing mismatch.

The Anatomy of an All-Weather PMCC

The All-Weather PMCC, walked through slowly. The two legs, the math three ways, the four-scenario stress test, and the build mistakes that quietly erode it.

Andrew Crowder

Five LEAPS, One Bet: Why Position Count Lies About Risk

Five LEAPS on different tickers can be one factor bet in disguise. Learn how correlation and factor exposure quietly hollow out a LEAPS portfolio.

Andrew Crowder

One Number. Five Positions. The Math Most LEAPS Traders Never Run.

A practitioner's guide to LEAPS correlation, portfolio diversification, and the four-step audit that fixes a fragile options book in minutes.

Andrew Crowder

The 200-Day Moving Average as a PMCC Filter: What Two Decades of Evidence Tell Us

Why PMCC structures are uniquely sensitive to the regime the 200-day filter identifies, and what to do when the line breaks mid-trade.

Andrew Crowder

The Capital Efficiency Hybrid: How LEAPS, Cash-Secured Puts, and Covered Calls Make Every Dollar Work

LEAPS control stock at 30% of the cost, freeing 65-75% of capital to sell cash-secured puts. When assigned, covered calls generate income on shares. A $50,000 hybrid portfolio runs 10+ income streams where a traditional portfolio runs 3.

Andrew Crowder

Apple PMCC Trade Setup: Building the Position Today

Full AAPL Poor Man's Covered Call setup with real option chain data. Jan 2028 $210 LEAPS at $78.50 + May $275 short call at $3.45. Capital math, income projections, and earnings management plan.

Andrew Crowder

Apple LEAPS Strategy Review: 92% Return Using Poor Man's Covered

How a Poor Man's Covered Call on Apple delivered 92% returns in six months using LEAPS. Real trade breakdown, income results, and capital efficiency analysis.

Income Math with LEAPS - Basis Reduction, Yield on Capital, and Realistic Expectations

Learn the real income math behind LEAPS (PMCC) strategies: basis reduction tracking, yield on capital calculations, and realistic expectations with practical examples and risk rules.

How to Choose LEAPS Contracts: Strike Selection, Expiration, and Volatility

Master LEAPS selection with systematic framework: 0.75 to 0.85 delta strikes, 18 to 30 month expiration, extrinsic value analysis. Probability-based approach.

LEAPS and the Wheel: Blending Long-Term Calls with Short-Term Premium

Combine LEAPS exposure with Wheel-style puts and covered calls to stack long-term growth with short-term income, step by step.