Turn it into a Call Debt Spread. Sell some Jan 540 calls for $8.30. Maximum loss $2.90, maximum gain $7.10.
Are you bullish, bearish or neutral? If neutral you could make a calendar by selling the dec 530 call providing volatility is low. If vol is high make a fly. cheers
I just had a quick look at goog 'av iv over 90 days' and it looks as if it's in the lowest part of its 2 year range (high 63%, low 31%, current 34%). So, a calendar might be the way to go for a simple hedge if you think goog is going to stay in a range - if you sell the dec 530 call you end up with a slightly bullish calendar. But if you're bearish then sell a lower strike call, if bullish then sell higher strike or just leave the call alone since iv is at historical low. Problem with putting on hedge now is that your long call has lost some value and any adjustment now isn't as good as if it had been done from the start. cheers daddy's boy