SPDR S&P 500 (SPY)

[Porgie Tirebiter]

I screwed up, I should have typed $350, not $360 on the underlying.

At $10 in the money delta is going to be close to 1 (depending on implied volatility). With a 1 delta, losing the coin flip will lose money equally as fast as winning the coin flip will make money.

Better to look for a strike closer to the money where delta will drop rapidly (a higher gamma strike) and should one lose the coin flip, one won't lose money as fast as one would make it should one win the coin flip.

It's still a bad idea to use options to gamble on share price direction but, like Blackjack in the casino, a little understanding of basic strategy can at least improve one's odds.