I hold $MU position than ran up pretty nice during last year. I want to hedge.

By the McMillan book I am considering two alternatives:

I sell ITM $480 Calls for $135 with Time Value of $105 (MU is $510)

If the stock runs higher I will be assigned (if I don’t roll), so my ceiling is $615, and it gives me some soft cushion to the downside.

The second strategy - zero cost collar:

I buy $480 Put and sell $610 Call for total of zero dollars . Here my cap is similar $610, and downside is hard.

the hedge expiration in both scenarios is Dec 2026.

What are your thoughts? Any other ideas?