a good way to add to an existing position if long is to "sell a strangle". use Mastercard as example. the May 440 put and May 470 call are selling for about $1100 each. by selling both call and put , "selling a strangle" you collect that $2200. what will happen at opex is if the stock is at or above 470, your 100shares of long stock will be called away (broker will sell your shares for 470).. but you keep that $2200. so essentially you are selling your shares for 492...not bad..up about 10% from today.
if stock is below 440 at opex you will be "put the stock" (broker will buy 100 additional shares for 440). but you keep the $2200 again.. so you essentially are getting long at 418.
if stock is between 440-470 at opex, you keep your original 100shares and the $2200 from selling the put and call.. not bad return for 3weeks work.
easy way to add to an existing long and collecting premium if nothing happens
, but you need the cash/margin in account to cover that added purchase.