That could work too; without seeing the numbers it's hard to say. For example you might have a higher chance of losing your money due to theta decay depending o

That could work too; without seeing the numbers it's hard to say. For example you might have a higher chance of losing your money due to theta decay depending on how far out you're buying. And the premium on the puts is going to be substantially higher than on the defensive calls unless you go significantly OTM.