The put-call combo you are speaking of cn be explored by looking at the quotes for collars.

As it stands, right now, Nov. 22, 2008, the best chance for investors resides in the once-in-a-lifetime opportunity that has come our way, i.e. the forced hedge fund and mutual fund redemptions from our frightened neighbors which allows us to buy at unprecedented low multiples, but only if we begin now, next week, to build positions, perhaps 25% to 33% at a time, averaging in to the position whenever a major market move occurs (say 1000 points on the DOW)down OR up, trying to avoid any value traps (mirage values in vulnerable companies). For this opportunity it is almost worth investing on margin (up to 50% margin at, say, 7%-10% annually) because of the 50% to 80% or more returns that are possible within 2-3 years. Stop orders should NOT be entered on such holdings. Along with that, rather than trying to sell options during a viciously volatile market, it is better to simply buy OTM calls several months out or leaps where the maximum returns are unlimited and the downside defined in advance. As to covered calls, they only make sense with a stock that has ALREADY proven profitable for you, and, in such a case, the best idea is to obtain level five trading classification so that your broker will permit you to enter a tight GTC trailing stop loss limit order under the price of the stock to take effect at the instant that the protection of the short call fails to keep pace with the loss in the stock, using a two part order specifying that as soon as the stock is sold the option is to be closed. Buy-Write covered calls can be the kiss of death in this market environment, as can naked puts. Collar trades are strictly for dogs. Long straddles or strangles are also possible option plays but must be given generous time to work out with limit sell orders entered for each leg, OCO — the execution of one cancelling the other order.