Using a LEAP diagonal strategy is a great strategy in a low volatility, bullish market...when premium is low and not worth selling, or at least too risky to set-up Iron Condors.

The concept is to buy a DITM LEAP Call with a delta over 80 and sell the front month OTM Call against it to pay for the time value of the LEAP you purchased.  Depending on the degree of bullish bias on the security, you can go deeper and deeper OTM on the short side.  Given the premium recieved from the short Call, you can pay for the LEAP premium over 2-4 months.

The strategy is similar to a Buy-write strategy, except that you are using DITM LEAPs instead of purchasing the actual stock.  If you go deep enough "in the money", with a delta over 80, the LEAP behaves much like the underlying, yet you pay substantially less than the actual security.  This puts less capital to the position, so risk is lower.  Plus, since you are exposed to very similar movement of the underlying's movement, greater profit is achievable.

As always, appropriate stops need to be set based on technical analysis breakdown levels and money management techniques.  Like any investment strategy, the position can move against you, and since you are leveraged with options, it can move against you at a quicker pace than the buy-write strategy if you are over-leveraged.

Here is a link to a great explanation...

http://www.optiontradingpedia.com/diagonal_ca...spread.htm