The problem with that strategy is if something momentous occurs, that skyrockets the underlying security. Like what happened over the last two days to BTX. A rather startling approximately 25% rise.
I like the stock. I like the company. I like what they do. I wish I hadn't sold the calls. I can buy them back at a loss, and not get "called away." Though with the troubles endemic in the world markets, I can't be sure that doing so wouldn't be throwing good money after bad.
Couple that one instance of my buying the RIM puts for a month too early, and my other options that are amazingly, and consistently red at this point; both calls and puts.
What's happened to my crystal ball? Need new batteries? Need a new crystal ball? Might as well just throw my money in the fireplace. If I had one.