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

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 pricesOptionSymbol()
- Generate OCC option symbolsopt_Bid()
/opt_Ask()
- Live option pricingqm_stream_delta()
- Streaming delta valuesqm_stream_theta()
- Streaming theta valuesqm_stream_gamma()
- Streaming gamma valuesqm_stream_vega()
- Streaming vega valuesopt_ImpliedVolatility()
- IV calculationsExpirationNext()
- Next available expirationsopt_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:
- Input Parameters (ticker, strikes, expirations)
- Position Analysis (Greeks, capital requirements, health checks)
- P&L Scenarios (price movements, theta decay projections)
- Roll Management (alerts, suggestions, exit conditions)
- Trade Log (entry tracking, adjustments, current values)
- Strategy Guide (setup, management, best practices)
Template Screenshots

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