Anavex Life Sciences Corp (AVXL)

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Most of the call options are short hedges.

Exactly!

Purchasing call options, as opposed to selling call options, is not an advisable strategy, unless one's research concludes a major upward price movement over the term of the option.

Normally, I would not purchase calls, but when AVXL was trading around $5 and my favorite 30 day RSI indicator was screaming that AVXL was waaaaaaaaaaaaay oversold, and AVXL price was grossly undervalued, I did take the plunge and purchased quite a few April $5 calls and a few April $6 calls.

These purchases were high risk, no doubt, but high reward, if AVXL price climbs into double digits, as based upon imminent positive news expectations, would seem more than plausible.