Stock is just acting too strong. Not much extrinsic value left in the weekly. Total loss is $224, which isn't too bad. This is why your position sizing is so important.
Trade:
BTC 10 Aug(w) 210 Call @ $4.80 x 100 x 2 lots = $960 paid
Sold Aug 12 215 Call @ $3.45 x 100 x 2 lots = $690 received
Net debit of $270
8/8/12
With the stock up today I'm rolling the short weekly put down and out to the Aug 12 180 put, creating a bear put spread. This is normally a debit spread but it was done for basically zero cost. Basically a free lottery ticket.
My other option was to let it expire worthless at the end of the week, and hold the short put. Doing it this way, however, allows me to free up that margin.
Trade:
BTC 10 Aug(w) 190 Put @ $0.12 x 100 x 2 lots = $24 paid
Sold Aug 12 185 Put @ $0.12 x 100 x 2 lots = $24 received
Net debit of $0.00
8/6/12
Putting this double diagonal ER play on for real this time. Weekly options are pricing in about a 10-point move. Monthlys pricing in about 12-13 points. Note that this trade requires $500 of margin per lot per side for as long as you hold the short weeklys, which I only intend to for a few days. Then I can let the long options run.
TradeMonster's analyze tool says I have a 94% chance of achieving any profit.
Trade:
Sold 10 Aug(w) 190 Put @ $1.49 x 100 x 2 lots = $298 premium received
Bought Aug 12 185 Put @ $1.54 x 100 x 2 lots = $308 paid
Sold 10 Aug(w) 210 Call @ $1.78 x 100 x 2 lots = $356 premium received
Bought Aug 12 215 Call @ $1.50 x 100 x 2 lots = $300 paid
Net credit of $46
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