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Dear Rich Conklin,
Please see the link below for the answer to your question. Choose expiry of more than 9 months of expiration with delta of at least 0.80. Another rule we can use is to buy Deep In The Money leaps call of SPY with at least $10,000 in cost. If we don’t have $10k for SPY, then buy SPYG or SPLG instead. It is cheaper.
https://www.optionsplaybook.com/rookies-corner/buying-leap-options
Now, you need to pick your strike price. You want to buy a LEAPS call that is deep in-the-money. (When talking about a call, “in-the-money” means the strike price is below the current stock price.) A general rule of thumb to use while running this strategy is to look for a delta of .80 or more at the strike price you choose.
