A low maintenance way to play weekly options is to use LEAP options and then trade weekly options against it similar to how you would do with a covered call type of options trade.
Some investors refer to this type of options trading strategy as a covered write, or a synthetic covered call strategy and they are similar however with this type of trade the required investment, or margin, can be much less.
When you are utilizing stock for these types of option trades, you have to put up the whole amount to buy the underlying which can be thousand and thousands of dollars. On the other hand, when you are using options - either monthly options or longer term options such as LEAP options - you investment is capped to the price of the option - which can be much, much less.
Weekly Options - LEAPS
LEAPS (long-term equity anticipation securities) are longer term options. These options have much longer life span than monthly or weekly options - rather than expiring in 30 days or less - these LEAP options can have time spans of several months up to several years away. Something else to point out is that when you look at what their name stands for - you will see that these things are not even options - they are actually securities.
You can think of using LEAPS as 'leasing' options. When you are using LEAPS you can benefit from the movement in stocks in a similar way as if you owned the stock - only without having to put out as much money and with more more leverage.
Let's create an example where a trader decides to make a position in AAPL, but doesn't have the amount of money needed to purchase the stock. What he can do instead is purchase an AAPL LEAP for far less that what the stock would cost - and still have the ability to take advantage of a move in the stock.
Another way to use LEAPS options is use them along with weekly options, using the LEAP as a stock 'surrogate', creating a trade similar to a covered call play. Instead of using the actual stock as the base position for a covered call play, a LEAP can be used, and then the option trader can sell weekly options against that leap, potentially every single week, bringing in premium much like a covered call type position only with much less capital at risk. What is important here is to look at the return on investment for both of these scenarios, and when you do you will find that the ROI on the LEAP weekly options version is much better than the return on the stock based variation.