Covered Calls on Futures: How They Work
Covered calls on futures have no shares to cover: assignment hands you an offsetting short future, and SPAN margins the package. See how the numbers work.
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Risk Reversal Options: Sell a Put, Buy a Call
A risk reversal sells an out-of-the-money put to fund an out-of-the-money call. One AAPL chain priced at 25 delta, its payoff and the skew spread desks quote.