AVZO options, page-568

Options will trade near on 3c from the heads up until the expiry date. This is assuming the heads share prices stays above the exercise value. (That's almost a lock). Things get a little messy right before the expiration date, but there's no solid strategy here.

Basically the leverage achieved by holding them is offset by the decrease in their liquidity. As time progresses more options end up being converted as the expiry approaches. So there will be bugger all trading of options as time goes on.

If you're asking if a discount will occur as expiry approaches. Probably. But not in large enough volumes to warrant looking into it. If a good discount appears someone else will generally snap up the small volume that is present.

SF2TH