Originally Posted by
TimSmith
Hold the stock and buy "put" options on it and "call" options on more Mesa. That way you should be out only the option fee and may recover that when you exercise the call on a climb in price, or lose only the option fee when the price falls and you exercise the put. Basically purchasing insurance.
Have you looked at the strike prices available on MESA? Your intent and method is good but not when the stock is at levels like .30....