If the stock closes above 160 on Friday the stock gets called, this I understand. If this happens you would be better off selling (short if you want to keep the stock) at 174.
If the stock sells between 150 and 160 the puts expire worthless, yes? In this case you might be better off with the options, it depends on what the puts cost. What do you do then, sell new 150 calls and buy puts at 140?
If the stock is below 150 on Friday, then what do you do? Sell the puts and keep the stock? Sell both? Wouldn't you be better off selling (short if you want to keep the stock) at 174 here too?
I thought the main attraction of options was leverage. It doesn't make sense that you can accomplish anything different with options + the underlying stock that you couldn't simply by buying and selling (short) the stock itself. Options make trading more complicated, and if used by themselves more leveraged.