Following an increase to almost 543 at fixing time, I made use of the opportunity to buy 3 shares at strike 544 for a decent premium.
The advantages are that:
1. I reduce my total risk by 40%
2. I start earning at strike 538 instead of 539
3. I earn more at strike 542
As I don’t expect the market to go up and over 544 by tomorrow it should be a good way to earn more. I still can change it tomorrow, yet I think we will continue ranging.