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Poor Man's Covered Call (PMCC) strategy — notepad sketch of the diagonal spread payoff with LEAP long call and short call, on a trader's desk
Poor Man's Covered Call: The Complete 2026 Guide (PMCC Strategy, Setup & Mistakes) covered call leaps options strategy pmcc

The poor man's covered call — the PMCC — is one of those strategies that sounds like a shortcut.

It isn't.

It's a real strategy with real rules. Trade it right, and you get the income profile of a covered call for about 20% of the capital. Trade it wrong, and you blow up faster than you would ha...

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