piggy back options, page-5

this is exactly why the market is putting a huge premium (currently) on these options.

Currently (23c) one option would be worth 3c and one would be -2c such that the overall current option price should be 3c, as you dont HAVE to exercise the second, but the actual price is ~6c so it's given a time premium and a double option premium.

your scenario shows the beauty of the double leverage though, from current prices, a 100% increase in the heads price SHOULD give a 500% minimum rise in the options (35c would be the actual value which is closer to 600%)