WRITING TRADED OPTIONS for income

Only
I nearly traded one of those deep ITM LLOY options
but only had the autoquote prices to prepare a bid.
When I got the real broker spreads I backed off .

Luthor.
re: WPP . Looks very neat at first glance; only problem is that the bought calls expire much sooner than the sold calls .

LLOY showed some quirky option prices today.
At one point , with the shares @ 446 the Jan420 call spread was
26.5 to 26 , i.e. if you were a broker with no trading costs you could make an instant profit buying and selling in one swoop . Intrigueingly there is a huge open position (> 8000) for LLOY Jan 420 calls .
Only to the rescue: what's happening there ?

Instead I did the following LLOY(444)trade:
STO Feb04 420 puts ; BTO June04 500C @ zero net .
With a divi of 23.5 at end of February virtually assured , the puts expire on Feb 20th . Hence I don't expect the shares to drop below 420 by then unless there is a market crash .
Sucden said it was not a recognised strategy and had to be legged into which they duely did .