The key of this strategy is that you use volatity on both call and put to cancel out the premium, which alllows you to have near the money options, rather than having to get far out of money option. You only commit 1/3 or 1/4 of the portfolio to be under covered call.
Also, if you always buy put first, and then write call, you could potentially get more premium from the covered call.
Have been using this strategy for years and work pretty well for me. You can "never" protect the full position. The idea is to minimize the premium you have to py, while maximize the protection of your portfolio.
