An option strategy which is used by an investor who owns a security but has suffered losses due to adverse stock price movement.
Such a strategy is useful to those investors who do not wish to sell their loss making stock holding and are hopeful that the stock price will rise eventually.
The main advantage of this strategy is that it allows an investor to reduce the breakeven point without allotting additional funds in the trade. With little, or zero, additional funds required, it is easier to make good the losses that have already occurred.

How to build this strategy?
Since such a strategy is useful only to those investors who already own the underlying, this strategy has only two legs:
Leg 1 – Buy 1 ATM Call (Same quantity as current stock ownership)
Leg 2 – Sell 2 OTM Calls (Double quantity as current stock ownership)