I think with supply, opportunity windows on both heads and ops.
Already holding heads, so a crack at ops for mine, 0.2c would be leveraged advantage on additional heads 0.6
The way i think of it, if heads 2x what will ops do ? 1.2c v say 0.4c intrinsic (0.8c strike) but market will also pay a time premium, so maybe 0.5-0.6 on ops. Would put them in front.
Then move the bar to 3X, heads 1.8c, then ops would be 1c intrinsic = 5x
But you dont get quite that fat a steak, that if you pay over the top for ops say at 0.3c v 0.6c
In that math you get 3.3x on ops intrinsic, and a bit more for time value, so a little meat still on the bone to speak.
Ie, given a choice today, 0.2c v 0.6c, its a thick T bone for the ops, and 0.3c, is a lam cutlet.
All betting on the movement of the heads, BUT, there can be a strong leverage demand case for ops, if when the heads only rebound a little bit, because the ops are at larger fraction movements.
Now if the supply were to reward me with ops at 0.1c, thats a whole animal on the spit.
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