Sir , this is really helpfull. but my main concern is that wen we are in bull market or trading at Above average P/E ,applying this strategy can ruin our portfolio.Had it been the case we would have applied this at Nikki Japanies index wen it was trading at 40k we would have faced huge losses.So market must nt be expensive if we are thinking to hedge our underlying by selling call ..Kindly suggest me ..