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LEAPS

Long-term options (12-24 months to expiration) used for stock replacement, capital efficiency, and as the foundation of poor man's covered call strategies. Delta selection, roll timing, and risk sizing.

The Poor Man's Covered Call Approach to Dividend Kings

May 17, 2026

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9 min read

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.

The LEAPS Collar: Protecting Your PMCC When Conviction Wavers

May 14, 2026

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7 min read

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

May 12, 2026

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9 min read

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.

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

May 12, 2026

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7 min read

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.

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

May 9, 2026

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7 min read

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.

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

May 9, 2026

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10 min read

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.

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

Apr 11, 2026

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17 min read

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.

Apple PMCC Trade Setup: Building the Position Today

Apr 9, 2026

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9 min read

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.

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

Apr 8, 2026

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5 min read

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

Apr 8, 2026

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11 min read

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

Mar 19, 2026

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14 min read

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

Mar 19, 2026

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15 min read

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.

PMCC - Expected Move for Picking Short Calls

Mar 18, 2026

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9 min read

PMCC - Expected Move for Picking Short Calls

Use expected move to choose short-call strikes that pay and protect.

LEAPS for Part-Time Traders: A Low-Maintenance Framework

Mar 13, 2026

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16 min read

LEAPS for Part-Time Traders: A Low-Maintenance Framework

A practical LEAPS framework for traders with limited screen timestructured entries, simple review cadence, and realistic expectations.

LEAPS vs. Stock: Why "Efficient Stock" Actually Works

Mar 12, 2026

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14 min read

LEAPS vs. Stock: Why "Efficient Stock" Actually Works

LEAPS vs. stock: how deep ITM calls (12 to 24 months) deliver stock-like exposure with less capital, delta targets, extrinsic tests, and income via short calls.

The PMCC Collar Framework - Building Income with a Floor

Mar 12, 2026

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11 min read

The PMCC Collar Framework - Building Income with a Floor

Learn how to add downside protection to your PMCC strategy without killing income. Practical frameworks for using collars, timing hedges, and managing costs.

When to Roll LEAPS Options (And When to Just Wait)

Mar 12, 2026

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6 min read

When to Roll LEAPS Options (And When to Just Wait)

Rolling a LEAPS too early bleeds value, too late costs you. Here is the exact trigger I use to decide when to roll, with a worked example.

LEAPS 101: What They Are and Why Pros Use Them - Stock Replacement Explained

Mar 10, 2026

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15 min read

LEAPS 101: What They Are and Why Pros Use Them - Stock Replacement Explained

Learn how LEAPS replace stock with less capital, smart delta targeting, and clear risk controls. Step-by-step rules, examples, and pitfalls.

LEAPS Options: The Complete Guide (Mechanics, Strategy, and Real Use-Cases)

Mar 7, 2026

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17 min read

LEAPS Options: The Complete Guide (Mechanics, Strategy, and Real Use-Cases)

Learn LEAPS options the right way, mechanics, delta & extrinsic value, deep ITM selection, PMCC steps, rolling, risk, taxes/IRAs, examples, tools, FAQs.

The Real Way to Pick LEAPS Strikes (And Why Most Traders Get It Wrong)

Mar 5, 2026

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10 min read

The Real Way to Pick LEAPS Strikes (And Why Most Traders Get It Wrong)

How to pick LEAPS strikes using the intrinsic/extrinsic mix, delta elasticity, and cost so you capture stock‐like exposure with smart risk and better capital efficiency.

PMCC Position Sizing: How Much Capital to Allocate Per Trade

Mar 1, 2026

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10 min read

PMCC Position Sizing: How Much Capital to Allocate Per Trade

Learn how to size PMCC positions properly with a 5-10% risk rule, tiered allocation framework, and account-specific guidance. Avoid the hidden leverage trap most traders miss.

The LEAPS Collar: A Smarter Way to Protect Your Position

Feb 15, 2026

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13 min read

The LEAPS Collar: A Smarter Way to Protect Your Position

Learn how to protect Microsoft (and other stocks/ ETFs) using LEAPS collars with $11,770 instead of $40,000. Step-by-step guide with real numbers, strike selection & management.

Poor Man's Covered Calls on Growth Stocks: A Capital-Efficient Approach to Monthly Income

Feb 12, 2026

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13 min read

Poor Man's Covered Calls on Growth Stocks: A Capital-Efficient Approach to Monthly Income

Learn how to use Poor Man's Covered Calls (PMCCs) on growth stocks like Dutch Bros (BROS) to generate monthly income with 65 to 85% less capital than traditional covered calls, plus the ratio PMCC for more upside.

MRK PMCC Strategy Review: How One LEAPS Position Produced 77% "Dividend Replacement" Income While the Stock Gained 37%

Feb 10, 2026

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12 min read

MRK PMCC Strategy Review: How One LEAPS Position Produced 77% "Dividend Replacement" Income While the Stock Gained 37%

A real MRK Poor Man's Covered Call trade breakdown, with real numbers, real bruises, and a repeatable framework you can apply to your own watchlist.

PMCC Management Rules

Feb 8, 2026

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13 min read

PMCC Management Rules

A practical PMCC management playbook covering LEAPS selection, short call rules, roll triggers, dividend-related assignment risk, and the sizing discipline that keeps capital efficiency from becoming concentration risk.