I was able to get off some call writes on CGS disasters-in-waiting earlier in May. On May 3rd I was able to write May 12.5 calls for 2.30 on MOBI when MOBI was just under 12 the day it got hit hard. MOBI is now at 10 and change so it is likely those will expire worthless (all profit to me).
Also wrote May 11 calls against CHBT for .75 on May 1th. That has not been such a clear win, as the calls are still in the money, trading at .80 by 1.00 with the common closing at 11.60 today. However, the time premium on those calls is evaporating quickly as the few days before expiry tick by. By Friday I expect to be able to get out with a small profit or roll forward to the June 12 calls with no further cash out of pocket (June 12 calls are 1.10-1.25 as I write, so I could buy back the May 11s and sell the June 12s and net a dime without trying to improve over hitting the ask/bid, and that net will be better on Friday when the May time premium is almost zero).
Love writing calls--the erosion of time premiums always works for you whatever else is going on.
As for spreads - options spreads can be relatively large, but you can usually get a fill between the bid and the ask except in very fast-moving situations, and sometimes you can bid-sit or ask-sit and get a fill near the end of the day I thought improbable earlier.
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