[vivegi]

Ideally, for this strategy, the PUT is an insurance, so you can buy the longest available period that is priced optimally.

The sold CALL is nearest-date expiry.

After the CALL expiry date, you sell another CALL option and repeat this until the PUT option that you own expires (upon which you can buy a new PUT option and continue the strategy). You collect dividends on the underlying + the premiums on the sold CALLs.

Your long-term profit would include the dividiends + CALL premiums - PUT option purchase price while being protected from drops in the stock value.

In the event of a sold CALL or PUT exercise scenario, you also have capital gains adding to the profit.