Yeah that’s right.
If stock is trading at $1, ops would be trading around 30c and with the expiry of 2025 there’s plenty of time!
Another example,
heads go to $2
ops 10c - $1.30 = 12 bags.
heads 55c - 2$ = 2 bags.
See how the value works?
yeah you have to convert them but the value is in trading them after the heads run.
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