I've been watching SLV get taken to the woodshed. It has a floor probably around 22, which is close. With option expiration on Friday, I took a shot and bought ten 27.5/28 call spreads for 2 cents ($27 with commish, to control 1,000 shares of SLV). Max profit $473.
So, when I saw the spread was worth $12 today, I sold 3 of them to cover my costs. Have 7 left. free trade. If SLV bounces tomorrow (probably just needs to hold a $1 gain today), I should pull a $340 profit out of this trade. 1200% gain, if it happens.
May not happen, but those are the rare option trades that are sweet as can be!
MF4
