Rite Aid Corp (RADCQ)

[Zilla]

I'm still learning options too. Been doing them for over a year and what I did with RAD was I bought 1000 shares and 30 2.50 calls, 15 3.00 calls and 10 puts (Oct 20) to hedge the RAD shares. The stock was trading at 2.25 at that time. When stock was trading over 2.55 I sold my 1000 shares and 10 of my calls for over 100% gain on those calls. I added 10 more puts to hedge the calls I still had. So now I've profited about the amount I've invested in my calls. If we POP huge I can sell the 2.50's and hold the 3's for ER.
If for some reason there's a delay, my puts should profit more than I have in my calls and I'll add the 1000 shares back at new lows.
Best thing with options is to know they can expire worthless, so flipping for freebies is always a good idea but keeping some for upside or just enjoy the % gains. The next few weeks we could go all over the place depending on the moves.