To lower the premium, I took a SPY Options position as follows:
Long Feb ‘21 $348 strike
Short Dec ‘20 $355 strike
This helps alleviate the very high VIX and premiums on the options. Ideally, the short legs (Dec ‘20 $355 strike) expire worthless leaving me with the $348 long positions.
I am starting pretty small here and will add to this position if it seems like a good idea later on.
Filled at $5.91
Charts to come later.