The LEAPS + Short Call Playbook

A rulebook, not a hype reel: how I use deep in-the-money LEAPS as the engine and short calls as the rent check.

This playbook shows how I think about one specific options strategy. I own a long-dated, deep in-the-money call (a LEAPS) and sell shorter-dated calls against it. It's built from real trade management, explained in plain English, and the risks come first.

It's for people who already understand what a call option is, are comfortable with the risk of losing the premium they pay and want rules, not tips. It's not for money you can't afford to lose.

Inside: the big idea and why deep in-the-money LEAPS, a worked example that does the math on one contract, and Black-Scholes and the Greeks in human English. You also get the short-call engine, how to choose the short strike with a real chain example, the QCOM lesson (why a losing short can mean the long is winning) and how to exit like an investor. It wraps up with a glossary, risks and common mistakes, a printable pre-trade checklist and a trade planning worksheet.

Format: PDF, 16 pages. Options involve risk, including loss of 100% of the premium paid. Educational only, not financial advice.

What you'll learn:

- Why deep in-the-money, long-dated calls can work as efficient exposure

- How to do the math on intrinsic value, extrinsic value and breakeven

- What delta, theta, vega and gamma mean in plain English

- How to choose a short-call strike and when to manage or exit

- How to use a pre-trade checklist and a trade planning worksheet