Thanks for the responses, it seems that the writing the put option is a better strategy by the looks. I just wonder how IG sell it to their customers then? As they did tell me you could do it through them.
I have heard that you can write deep in the money covered calls over long cfd's positions by setting a guaranteed stop loss at the break even point.
Example, Buy XYZ at $105, write deep in the money call at strike of $100 for $7.50 premium. Set guaranteed stop loss at $97.50. If...