Poor Man's Covered Call (PMCC) - Advanced Options Income Strategy with Real-Time Greeks & Analytics

The Poor Man's Covered Call (PMCC) is an advanced options strategy that simulates a traditional covered call position while requiring significantly less capital. By purchasing a deep in-the-money (ITM) LEAP call option as a stock replacement and selling short-term out-of-the-money (OTM) calls against it, traders can generate consistent income with defined risk.

This professional-grade Excel template leverages MarketXLS's real-time options data and streaming Greeks to provide a complete management solution for PMCC positions.

Key Features

Automated Position Setup

• Real-time stock price feeds via MarketXLS
• Automatic option symbol generation for long and short positions
• Dynamic strike price selection tools (opt_StrikeNext function)
• Automated expiration date management (ExpirationNext function)
• Live bid/ask pricing for accurate entries

Real-Time Greeks & Risk Metrics

• Streaming Delta, Theta, Gamma, and Vega for both positions
• Net position Greeks calculations (directional exposure)
• Daily P&L projections from theta decay
• Implied volatility tracking for both legs
• Position delta health checks (ensures proper setup)

Comprehensive Analytics

• Breakeven price calculations
• Maximum profit and loss scenarios
• Risk/reward ratio analysis
• Annualized return projections
• Return on risk metrics
• Position value tracking with unrealized P&L

Intelligent Roll Management

• Automated alerts when stock approaches short strike (within 5%)
• Suggested roll strikes and expirations
• Roll credit/debit calculations
• Exit condition monitoring (delta thresholds, DTE limits)
• Days-to-expiration tracking for optimal timing

Scenario Analysis

• 7 price scenario projections at short call expiration
• P&L calculations across -10% to +10% moves
• Theta decay profit projections (7, 14, 21, 30 days)
• Percentage return calculations for each scenario
• Visual identification of current price scenario

Trade Tracking & Documentation

• Complete trade entry log with dates and symbols
• Adjustment tracking table for rolls and modifications
• Net credit/debit tracking across all adjustments
• Notes section for trade rationale and decisions
• Current position valuation in real-time

Position Health Monitoring

• ✓ Long delta validation (target: 0.70-0.90)
• ✓ Short delta validation (target: 0.30-0.40)
• ✓ DTE spread confirmation (minimum 135 days)
• ✓ Net delta exposure check (target: 0.40+)
• Visual status indicators for quick assessment

Built-In Strategy Guide

• Complete setup guidelines and best practices
• Management rules for rolling positions
• Risk management protocols
• Advantages and disadvantages clearly outlined
• Step-by-step workflow instructions

Who Should Use This Template?

Ideal For:

• Options traders seeking income generation strategies
• Investors looking to reduce capital requirements vs. covered calls
• Traders comfortable with intermediate-level options strategies
• Portfolio managers implementing systematic income strategies
• Anyone seeking to leverage time decay (theta) for profit

Experience Level:

• Intermediate to advanced options knowledge recommended
• Understanding of Greeks (Delta, Theta) helpful but explained
• Requires active position management skills
• Best suited for traders who can monitor positions regularly

Strategy Requirements

Capital:

• Approximately 30% of the cost of 100 shares
• Example: $15,000-$25,000 for most major stocks vs. $50,000-$70,000 for shares

Time Commitment:

• Initial setup: 15-20 minutes
• Ongoing monitoring: 10-15 minutes daily
• Rolling management: 20-30 minutes every 30-45 days

Market Conditions:

• Best in neutral to bullish markets
• Profitable in sideways markets with theta decay
• Higher implied volatility increases premium income

Technical Specifications

MarketXLS Functions Used:

• Last() - Real-time stock prices
• OptionSymbol() - Generate OCC option symbols
• opt_Bid() / opt_Ask() - Live option pricing
• qm_stream_delta() - Streaming delta values
• qm_stream_theta() - Streaming theta values
• qm_stream_gamma() - Streaming gamma values
• qm_stream_vega() - Streaming vega values
• opt_ImpliedVolatility() - IV calculations
• ExpirationNext() - Next available expirations
• opt_StrikeNext() - Strike price selection

Excel Requirements:

• Microsoft Excel 2016 or later (Windows/Mac)
• MarketXLS Add-in installed and activated
• Active MarketXLS subscription with options data access
• Recommended: Dual monitors for optimal workflow

What's Included

Main Template Sections:

1. Input Parameters (ticker, strikes, expirations)
2. Position Analysis (Greeks, capital requirements, health checks)
3. P&L Scenarios (price movements, theta decay projections)
4. Roll Management (alerts, suggestions, exit conditions)
5. Trade Log (entry tracking, adjustments, current values)
6. Strategy Guide (setup, management, best practices)