That's a great idea and I'm going to do just that. I looked at the Jan 2011 50 strike which has an Open Interest of 10k (largest of all the other strike prices

That's a great idea and I'm going to do just that. I looked at the Jan 2011 50 strike which has an Open Interest of 10k (largest of all the other strike prices) for a current ask of 2.14 a contract. The implied volatility isn't too high (35%) as well so the premium for buying those calls don't have too much time value volatility baked in. Plugged in some estimates if bought now and sold on August 1st with the same IV (implied volatility) at different price points assuming it goes back to it's normal trading range of 50 - 60. Profit per contract (% gain in parentheses - divided by current ask price of 214) at different stock prices for BP. 50: 187 (87%) 55: 479 (224%) 60: 852 (400%) The risk of losing the entire premium of 214 per contract by Jan 2011 doesn't seem to likely and the risk/reward ratio seems to be favorable.