I own 100 shares of NVDA and have a covered call with a strike of $140 that I sold. I am now feeling more bullish on it and would like to buy back the call and also maybe make a little extra $, and also hedge my position. Here is what I'm thinking:
Buy back the $140 call before it hits that strike price.
Sell a put for $140.
Sell a call at $160 to generate some extra $ and help hedge the put and my position.
The put also helps hedge the $160 call.
Then set up a stop loss limit to buy back the put, maybe if it hits $130 again, while simultaneously selling the covered call strike of $160 if it dips.
Is this a good strategy?