Easy to do with large orders than 1 lots. Easier to do in a portfolio margin account than Reg-T. You have to have a plan for delta hedging or not to. I do not recommend this.
A covered write(Even delta neutral) is essentially a calendar a ratio calendar - but still a calendar of sorts. The underlying can be stock - a perpetual instrument reflecting all the carry and dividends, a synthetic, an in the money longer dated call or even a leap. All reflect the carry equation. If you are in a market where you can do a SSF against the short calls that is particularly nice, The questions becomes the capital required and risk. You mitigate some of the downside by going Delta neutral, but of course not all of it.. Upside risk is also an issue and hopefully you can delta adjust to mitigate both risks. You mitigate some of the capital required by doing a synthetic, but you get no gamma. ITMs as the underlying or leaps mitigate some of the capital required - but now you have to adjust two delta positions. You also get and pay for some gamma. As Robert pointed out - Delta adjust can be easier if it a size trade
Thank you, AJ. Sitting here in HK scratching for something new to look at, you gave me a lightbulb moment.