"I toyed with div/frank but decided to use raw index points to keep it simple for folks"
You mean you decided to keep things simple for *yourself*.
Unlike inexperienced players like you, successful practitioners know :
1) Dividends and franking credits are part of total returns.
2) For every 1 time your hedge is vindicated there will be 99 times you will be shut out of the march of CBA from $5 to $50, BHP from $8 to $40
3) There is nothing special about hedging, it's insurance, it reduces risk, and ultimately it reduces returns. The ASX Buy-Write Index has woefully underperformed the XJO accumulation Index
4) Properly constructed portfolios do not behave exactly as the market index. If you can avoid disasters like HIH, ION, AFG, CNP etc (I haven't found this to be too tough a problem), your portfolio will typically decline less than the market, and will recover way before the broad market Index retests it's highs. The market recovers lost ground based on the performance of the survivors.
This has been my experience.
Do you have any experience ?
.
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