Write cover call on 1/4 of your positiion，and use that premium to cover expense on put. For example, Let's say you have 400 shares of QQQ, you could
a: Sell covered all for 1 contract of QQQ 475 call for $10, which gives you $1000 premium
b: Buy 4 contract of QQQ 470 put for $5 each, which cost you $2000.
In this trade, you use cover call to cover half of the cost for put (you net cost is $1000)
if QQQ keeps going up, you essentially sell 1/4 of your position at 475, plus losing that entire $1000 option
If QQQ drops, the 4 put contract will protect your profit from 470
