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+98 Part II: Call Option Strategies 
+When risk is considered, the in-the-money call clearly has less probability of 
+risk. In the prior example, the in-the-money call buyer would not lose his entire 
+investment unless XYZ fell by at least 5 points. However, the buyer of the out-of-the­
+money July 70 would lose all of his investment unless the stock advanced by more 
+than 5 points by expiration. Obviously, the probability that the in-the-money call will 
+expire worthless is much smaller than that for the out-of-the-money call. 
+The time remaining to expiration is also relevant to the call buyer. If the stock 
+is fairly close to the striking price, the near-term call will most closely follow the price 
+movement of the underlying stock, so it has the greatest rewards and also the great­
+est risks. The far-term call, because it has a large amount of time remaining, offers 
+the least risk and least percentage reward. The intermediate-temi call offers a mod­
+erate amount of each, and is therefore often the most attractive one to buy. Many 
+times an investor will buy the longer-term call because it only costs a point or a point 
+and a half more than the intermediate-term call. He feels that the extra price is a bar­
+gain to pay for three extra months of time. This line of thought may prove somewhat 
+misleading, however, because most call buyers don't hold calls for more than 60 or 90 
+days. Thus, even though it looks attractive to pay the extra point for the long-term 
+call, it may prove to be an unnecessary expense if, as is usually the case, one will be 
+selling the call in two or three months. 
+CERTAINTY OF TIMING 
+The certainty with which one expects the underlying stock to advance may also help 
+to play a part in his selection of which call to buy. If one is fairly sure that the under­
+lying stock is about to rise immediately, he should strive for more reward and not be 
+as concerned about risk. This would mean buying short-term, slightly out-of-the­
+money calls. Of course, this is only a general rule; one would not normally buy an out­
+of-the-money call that has only one week remaining until expiration, in any case. At 
+the opposite end of the spectrum, if one is very uncertain about his timing, he should 
+buy the longest-term call, to moderate his risk in case his timing is wrong by a wide 
+margin. This situation could easily result, for example, if one feels that a positive fun­
+damental aspect concerning the company will assert itself and cause the stock to 
+increase in price at an unknown time in the future. Since the buyer does not know 
+whether this positive fundamental will come to light in the next month or six months 
+from now, he should buy the longer-term call to allow room for error in timing. 
+In many cases, one is not intending to hold the purchased call for any signifi­
+cant period of time; he is just looking to capitalize on a quick, short-term movement 
+by the underlying stock. In this case, he would want to buy a relatively short-term in­
+the-money call. Although such a call may be more ex-pensive than an out-of-the-