Option Education

[Cstern71]

As you know I have been heavily researching various spread strategies and paper trading them for now. Very good win percentage so far, but I have a few questions and I need to do more research.

So from my understanding, if I buy lets say AAPL Oct 650 calls, I can sell weekly calls against it and still be covered. For example I could have sold $630 weekly calls today and but them back friday at .05. Clearly the margin requirement would be $2,000 per call sold.

If the above is correct, do you need to even worry about the long term option. I guess what I'm saying is, do I even care if AAPL gets to 650 by Oct expiry, or can I just keep selling weekly calls against it and pay for the call plus profit? And if the 650 call works out, even better.

I've got most of the basic mechanics down on spreads, but need to learn how to apply it effectively.