r options tradable, page-6

T4P, I understand what you are saying. I picked on SXP as a comparison because at their peak, just before the August holocaust, the heads were about 40c and the ops were about 30c with a 25c conversion price. This seemed like a big premium and with CVI having only a 10c conversion and 40c the next target, I thought a less than 10c premium could be possible.

But I agree with what you say about the leverage disappearing as the price rises. Should the ops first open at 50c as you suggest I could be persuaded (almost) to publicly do a naked bull dance. And if there is no premium or perhaps even a lag at the first sell off I could also be persuaded to join you in the turkey shoot.