Another way to think about it.....if your are leveraged, even if only 2/1, and if you can collect 2$ in premium for every 150$ worth of stock which is 1.3% per month....but your capital requirements are only 1/2 then you are making 2.6% per month on capital used. The strategy isn't risk free...but it continually improves your probability of success well beyond the 50/50 shot of simply being long stock.