You probably want something to hedge your long position while you write calls against it, though, or at least limit the downside a bit. After all, you're bettin

You probably want something to hedge your long position while you write calls against it, though, or at least limit the downside a bit. After all, you're betting that the stock will go down. Go long, buy some out of money puts, and write calls against your long position, hoping that you get to write enough calls that the cost of the puts is covered?