Yeah, nice example. I guess, the interesting aspect in that case is more that the option is way out of the money and almost binary, not so much its Gamma? Like,

Yeah, nice example. I guess, the interesting aspect in that case is more that the option is way out of the money and almost binary, not so much its Gamma? Like, you still need to have some kind of idea about probabilities of outcomes to see whether the option is not crazy overpriced? This is similar to the "lottery ticket" critique addressed in the end ... you wouldn't just invest in any biotech firm?