Imran Lakha | Options Insight(@options_insight):Whether I buy a call or a call spread mostly comes down to how expensive the vol is. When vols are elevated, the calls are just expensive. So I'd cheapen that up with a call spread, selling a strike up where I think the stock's going to struggle to get through anyway. When vol's cheap relative to where it's been, the outright call starts to make more sense, as long as the stock isn't realising much less. You're not overpaying for the move, and you keep all the upside if it really goes. Case in point, $SMH calls don't look bad for year end which implied vol cheap across the whole term structure.

Imran Lakha | Options Insight

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Imran Lakha | Options Insight@options_insight

2026.09.18 21:03

Whether I buy a call or a call spread mostly comes down to how expensive the vol is. When vols are elevated, the calls are just expensive. So I'd cheapen that up with a call spread, selling a strike up where I think the stock's going to struggle to get through anyway. When vol's cheap relative to where it's been, the outright call starts to make more sense, as long as the stock isn't realising much less. You're not overpaying for the move, and you keep all the upside if it really goes. Case in point, $SMH calls don't look bad for year end which implied vol cheap across the whole term structure.