You've got a stock position that you want to protect (or shield) from any impending market sell-off or crash.

But buying protection or insurance typically costs money right?

And in nearly all cases you've been told to buy put options that are far OTM. The only problem is that these options tend to expire worthless (which is why we sell them here at Option Alpha) and if you have to purchase them each month the costs can rack up over time.

In today's show, I'll help you think about option strategies a little different then maybe you have before. Specifically I want to show you how to use different options strategies as building blocks to pay for and finance other protective strategies for your portfolio.