Poor Man's covered call with Virgin Galactic stock(SPCE) - potential income 6.23% in 7 days

On May 21, we bought 1 LEAP call option on SPCE, with expiry on January 20, 2023 (2 and a half years) with a strike price of $10, and simoultenounly sold a weekly call option against this position with expiry on May 28, 2021 for this sell we got an $81 in options premium

here is our trade setup:

  • BOT 1 SPCE Jan20'23 10 CALL 13.00 USD

  • SLD 1 false SPCE May28'21 24 CALL 0.81 USD

We paid $1,300 for this LEAP option and got back $81 for a weekly call, that’s a potential return of 6.23% in just 7 days

We are looking to hold this position for at least a year, as we are looking at SPCE stock price appreciation and then selling with a profit.

here is a quick YouTube video I made about this trade: