Raj- I would think that you would sell your position well before Jan 14. The quicker you get to the strike the more money you will make. There are time constraints. Some chose "in the money" options as I have this time around. I could go out to Jan 14 5's at about 1.00. Should we hit say 8 pretty quick that option could be worth 4.00. One does not necessarily take the option to the strike date, in fact hardly ever.
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