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Why would one even think of deep ITM covered calls as anything other than deep ITM covered calls

I tried these at one time. For every dividend paying stock I checked the call premium plus the dividend was a few percent superior to the equivalent put at the same strike. Even though in theory they should be about the same.

I was doing the covered calls as buy-write combos. The feature I liked was that the outlay of cash was reduced significantly by the the ITM call. In percentage terms the dividend yield was thereby enhanced. You are effectively earning a dividend yield on borrowed money.

A big drawback with a high yielding dividend stock is that once the dividend exceeds the time value in the call your shares will be called early.

And of course, you still have all the down side of the stock and you've sold the up side.
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