Hi, I am new to options, not to the market though. I am looking at MOT October calls, which look pretty cheap to me. The 7 Calls go for 38%, the 8 for 34%. Given the last earnings surprise in Q1 and heavy revisions for the year I think there is good chance that the October 8 Call will expire ITM. In any case I believe volatility will be a quite a bit higher than the last weeks. However it will probably take a couple of weeks until MOT gains momentum, hovering slightly about it's 3 month lows, having lost not much less than the S&P. To summarize my outlook is: Nearterm (3-4 weeks) Price Flat to slightly upwards Volatility Flat to Upwards Longterm (October) Price Upwards Volatility Upwards Given that view should I buy some July OTM puts to hedge some delta and add some vega?