Mr. I38K, you seem to be an astute ES trader. Tell me why this wont work. Buy an ES contract and write 1 ES March 1180 call for about $18. Use part of the proceed to buy a bearish spread as hedge, ie, long 1 March ES 1170 put and short 1 March ES 1125 put. This hedge costs about $13. So right off the bat you make $5. If S&P remains above 1170 at March expiration, you net at least $5 and maximally $15. If S&P threatens to break below 1125, close all positions. By this time the 1170 call will be worth a trifle (maybe $5 which is offset by the initial $5 net). The bear spread will have mostly offset the losing ES position. Largely, it will be a break even with the bearish scenario. However, with a bullish outcome, we could potentially gain $15 for each ES position.
Could this not work?