Tue, 14 Feb 2012, 10:48pm PST
If it's the March 500 calls, sell now. Near the money options have a lot of time premium in them, and that dissipates intensely in the last three to four weeks.
And the answer is probably not.
Also, what if the stock goes down to exactly $500 on expiration (not as unlikely as you think). Look up "pin risk."
Tue, 14 Feb 2012, 11:11pm PST
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If you are still bullish,, why not sell the march 500 call and buy an APril 530. But do it soon, not after they take out that last 3 or 4 weeks of time premium from the March.
Look up option time spreads (and diagonal spreads). When you put on a time spread against your long call, you are really just converting your position to the April. But thinking about the time spread will give you an idea of the impact, versus doing nothing.