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S&P 500 Futures - Jun 24

CME
Currency in USD
Disclaimer
5,122.25
+15.75(+0.31%)
Delayed Data

S&P 500 Futures Discussions

So I'm thinking here, why not do a covered put on the Dec contract, and use the premium collected to buy a couple or three of the June puts? Am I out of my mind, or would this be a good strategy? Last time I did something like this was with SLV, only long the shares/covered call and bought puts. And it tanked, and I was happy. The key is to have more contracts in hedge, but without costing more than the premium collected.  Jingle bells, jingle bells.....
Have never tried this in the futures market. Works good with stocks/etf's. You can invert it to the long side. So, you have two calls for every short contract, plus the short put. About as close to perfect hedge as I could come up with LOL
NO sir. So, you're short a contract. You sell one put for premium. You take the premium and do a diagonal, but two calls. If you get a stupid rally like end of day today......the two calls and short put should result in a profit, no?
I should also add, the calls would be front month in the money or at the money.
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