Ratio spread to reduce cost basis with high POP.

GPC is a dividend aristocrat (One of the few stocks that has increased it's dividend for at least 25 years) It is in a fairly oversold state right now having just paid out it's most recent dividend. (2.15% annual yield)
The other way to play it would be to sell a naked Put or a Put spread at around $160 but the RR ratio is not good. As it stands - the RR is approx. 1:2 (Max Risk $500 : Max Reward $1000)