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Thanks for the reply, guys! Sorry about the mis-matched strategies. I wrote it hastily at the tail-end of my lunch. And nazzdack, thanks for the tip about trading indices.

I'm new to this forum (Greetings!), and I'm new to options, so I imagine that I'll ask some of the common stupid beginner questions, but please be gentle. :D I came up with a very simple strategy and and I wanted to know if it is workable in the real world. The one that I came up with is...