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Poor Man's Covered Call Strategy

Poor Man's Covered Call Strategy

A poor man’s covered call is an options strategy that allows investors to generate income by selling call options against a long-term LEAPS (Long-Term Equity Anticipation Securities) call option, rather than owning the underlying stock.

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How to Hedge a Poor Man's Covered Call (and When Not to Bother)

Protective puts, spreads, and tail overlays for a PMCC, plus the research on when hedging helps and when a smaller position beats it.

The Poor Man's Covered Put: A Capital-Efficient Hedge That Pays You to Hold It

The Poor Man's Covered Put is a bearish structural mirror of the PMCC. Long-dated LEAPS put plus short OTM put. Capital efficient. Positive carry hedge.

Andrew Crowder

The Ratio PMCC: Tilting the Poor Man's Covered Call Toward Growth or Income

The Poor Man's Covered Call is more flexible than most traders realize. Change the ratio of LEAPS to short calls and the strategy changes character.

The Recession-Resistant PMCC Portfolio: Turning Downturns into Monthly Income

Build a Poor Man's Covered Call portfolio that generates monthly income in downturns. Nine defensive names, four sleeves, and the execution rules.

Andrew Crowder

Eight Ways to Defend a Poor Man's Covered Call

A practitioner's defensive playbook for the poor man's covered call, organized into four layers of hedging with eight practical tactics you can use.

Andrew Crowder

From Steady to High-Octane: Poor Man’s Covered Calls at Different Volatility Levels

A side-by-side look at low, medium, and high-IV setups, revealing how implied volatility impacts returns, capital efficiency, and strategy selection for monthly income.

Andrew Crowder

Which Strike Price Is Best for a Poor Man’s Covered Call? A Practical Guide for Options Traders

Choosing the right LEAPS strike is the most important decision in a Poor Man’s Covered Call. Here’s how to pick the one that aligns with your time horizon, capital, and risk profile.

Hedged Equity, Without the Shares: Can LEAPS and Options Lower Volatility and Boost Efficiency?

Why Option-Based Equity Portfolios Might Be the Missing Middle Ground for Investors

The Mathematics Behind Poor Man’s Covered Calls: Delta, Theta, and Probability

How disciplined traders use delta, theta, and probability to structure income with Poor Man's Covered Calls, without tying up the capital a covered call demands.

Building a Lazy Way Portfolio With Options

A plain-English comparison of the Poor Man's Covered Call and the Wheel Strategy, with a model multi-ETF portfolio built on probability over prediction.

The PMCC Ladder: How to Build a Weekly Premium Stream From Poor Man's Covered Calls

Want weekly premium instead of one monthly deposit? Learn how to ladder Poor Man's Covered Calls across expirations, sectors, and deltas for continuous income.

Poor Man's Covered Call on IBIT: A Smarter Bitcoin Trade

Trade Bitcoin with 63% less capital. A step-by-step Poor Man's Covered Call on IBIT using a 605 DTE LEAPS and a 52 DTE short call. Real numbers, defined risk.