SPDR S&P 500 (SPY)

[blasher]

LoL! . . so, it's like "covered calls" . . .
you own a stock and sell OTM, current-month call options against the position
and collect the premium (price) from the options sold.
Your intent is for those sold (short) call options to expire worthless and you just keep the money you sold them for.
You do this over and over again against the same stock you own . . that is hopefully steadily rising some.

So . . I am now doing the same thing with SPY Put options I own.
I own the Put options (like owning a stock) and am Selling further OTM, weekly Put options against the ones I own. Since they are further OTM, it is like covered calls on a stock .. if the puts I sell become ITM, I then sell the puts I own to cover them.

Let me know if you have any further questions.
Don't try this at home if you don't understand .. you can lose a lot if you don't know what you're doing in options.