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New Mexico | not 3.10.
Your so bearish, you cannot even keep the numbers strait consistently ( same as you were 2 months ago ).
The reason to use 4.90 as the paper top is that's near board ...
if we happen to get above that,
say in the 5's on near paper and your current $7 (011 march call ) might be then 8.
thus your current $326 total credit on selling that call becomes a negative $5000 due for margin liability.
Nothing wrong with your hedge...but you or your banker will have to babysit it some ( keep sending margin dough )...time is money
other folks that just have a simple floor will be busy combining and not be side tracked by your added expense trivia game.
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march calls
