smallprofits,
It can be a very good strategy and a way to make some extra dollars.
I too write put options when I think a share is undervalued and have found , generally , that I can make a pretty healthy annualized return.
the other side of that is, I also will write covered calls on shares that I own that I feel are over valued as a way to make some extra dollars.
Depending on the way the market fluctuates and the price of the option, I will sometimes close out my positions rather than let them expire and write new options, this can work reasonably well with put options.
The only trouble is the Australian options market can be fairly illiquid .
Good luck with your strategy.
ANZ PUT options, page-5
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