Stock movements to react to. Letâs say that you are trading options in a stock where historical volatility is high and the implied volatility might also be high. At some point you have a position like this: At the time you make the position the stock price is 320: Marts 2010 20 Long CALL Strike 320 â price 20 Marts 2010 20 Short CALL Strike 330 â price 14 Debit 20-14=6 If the stock price at exp is 330 you collect 10 and make a total of 4. Before exp you could make some more money if the stock goes up or down? given that you are pretty sure that the stock will move a lot during the period and you will try to profit from that, and given that it at some point will turn to the 320-330. If the stock price goes down you buy back the short? And wait for the stock to go back in the 320-330 and than you sell new calls? or? If the stock price goes up you roll up or? and wait for the stock go back in the 320-330?