Apple Inc (AAPL)

[steved_45]

they might have the same volatility but remember about tvm and risk/reward is what matters to traders. Who wants to buy a $2,000 in the money call that could go bust on a bad day when you could get one for $200 and will have a higher percentage gain if the stock pops?

Based on your example, when you're that far out of the money, $5 change won't be much and they'll be less liquid. Look at the volatility of a 500 call vs a 550 or 600 and you'll see a difference--there's other factors involved as well like delta and other greek symbols.

Also, those option prices and their % gains that you listed will have some that say no gain b/c they hardly traded that day or many people were selling them at the bid b/c they were using call spreads--buy one at the ask and sell another at the bid--or just covered calls