Thoughts on this play? via /r/wallstreetbets #stocks #wallstreetbets #investing

I’m currently long 700 shares of META currently trading around $165 per share.

I’m looking at selling 7 covered calls. Strike price would be $180 expiring 8/19 (46 days out). They are currently trading at $8.20

Estimated proceeds would be $5.7k but unlimited risk if the stock price soars through $180 in the next 46 days.

Now I could buy a call with a strike price above $180 to hedge the trade. As an example the $185 calls with the same expiration are selling for $6.80. This would hedge my bet but also cost around $4.8k. This credit spread would significantly reduce my potential net proceeds.

I was thinking an alternative to selling the $185 call would be to be to enter a conditional long order for 700 shares with a trigger price of $185.

Like buying the call I would be protected if the share price goes above $185 but the only cost would be commission if it was executed.

Thoughts?