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In this video I will show you how you can use a put that you bought to collect premium writing puts against it. This is a called a debit spread and can be used to make extra premium when you do not have enough capital to write a cash secured put.

To do this I first buy a LEAPS to the downside. In this video I am using Tesla because I have little faith in the current price of the stock. I will show my technical analysis on Tesla to show you how I chose my strike price on both the long and short put.

After buying this contract I can now use that contract to write puts against it. Instead of using cash as the collateral as I would in a cash secured put in the wheel strategy, I instead use the LEAPS that I bought.

This just another options trading strategy you can use.

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