How to benefit from the flexibility of options
Start with long-dated Call options and turn them into a Bull Call spread by selling the upper strike when the underlying reverses down.
Start with long-dated Call options and turn them into a Bull Call spread by selling the upper strike when the underlying reverses down. Cover that leg when the vol crashes.
You can create other structures too, such as condors or butterflies all based upon a core holding of long dated calls.
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