Thanks I think I have figured it out. You leg in to a CS by buying long a near the money call with a longer dated expiration. If the stock moves against you then you sell short a higher strike price when you think it is a bottom. The longer expiration date allows you to buy back the short position and sell the long position to your advantage until you lower your cost of the CS. It seems to work as long as the stock moves up and down alot and there is enough time before expiration. If it expires below the lower strike price then the cost paid is lost and if above then the profit is the difference between strikes less commissions? Thanks for taking the time.
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