Thanks for your response. You apparently concede that your breakeven occurs only when the options expire. I understand that you prefer 1-month options. I sometimes don't. In fact, I wrote 20 Jan 04 puts @ 6.10 this week. My thinking is that it gives me plenty of time for the stock to get to 20, alot of premium which I reinvest in other stocks, and if Tyc spikes at any time, I will close out the position at a substantial gain and probably replace the sum needed to buy the puts back by writing another put, not necessarily a Tyc put. I look at put writing as a matter of cash flow and go with whatever stocks will give me a combination of a fat premium and a reasonable chance for a spike up. My experience has been that trading them every month makes you have to deal with the spread every month which can be expensive. It also makes it impossible to benefit substantially from a large increase because you're not getting alot of time value which would erode if the stock rises quickly. Obviously, sometimes you'll come out ahead with 1 month puts, ( the time value you do get erodes quickly) but I have more often than not done better with longer puts.