Dear rajgiri21
The name of the strategy: Covered call. Risk capped and reward capped.
What you now mention is to increase your reward through trading the future beside the short itm call. Can be done, no question about that. You also mentioned one loophole which are the gaps. (Linkon7 is a future trader and sits in front of his terminal. So he not trades the future above or under a fixed level. In that way he is in control of the strategy.)
The way you want to trade the strategy can look a bit different in reality: Why?
The option must not behave one to one to the future. I do not mean the delta, I speak about the volatility. Your calculation is only done on the basis of the delta factor but in reality the vola factor will or can hurt you.
If market gaps down, vola will jump up and that will increase the price of the long and short options. This increase can be heavy. So, there is no guarantee of profit atoll in case you run into a down trend or into an uptrend.
Ok, you can say in case of a down trend: Never mind, my future got stopped out and now I wait until the short calls expires. Question: Can you stand it? At the same time there will be also no kind of trading any future.
In case of an uptrend: You have to be able to sell your short call at a certain time. Now it depends how much you have to pay for the call and the different from the short to the long call price is what the future has to bring. If now market turns a bit later and suddenly jumps down again, you have to be a clever trader to manage it.
Short call was bought back and future now is stooped out through the stop loss.
If you implement such a covered call, be sure that market is in sideway mode and do not trade the future unless you are in control of the situation like Linkon7 is.
Good trading
DanPickUp