You miss the point of the trade and its beauty. It retraces every month. So what advantage is it going out further?? Options do not help here unless you short Puts. Even then you only collect the same as the dividend(10%). This method makes 25%(2011 and 2012).
This is a range bound stock(since Sept 2011), between 9-11. The trade is to capture the CA from the 9th trading day after EX to the DBEX the following month. Nothing fancy, straight-forward, doesn't take a chemist's formula, easy target, steady hand, deep breath, hold, squeeze(don't pull) and fire....;-)