It’s not for no good reason that out-of-the-money options in this stock are trading with implied volatilities as high as 245.  The stock moves as violently as any I can recall from the dot-com era,  presumably because it is bear-bait at $100 per share. My immediate downside target is 96.68, but we’ll do nothing for now to adjust our position: long the July 115-April 115 calendar spread for 6.00 and short an extra April 115 call for 3.80.  The easiest way to keep track of this spread is to think of ourselves as long two July calls for 4.10 (they are currently trading around 9.80; this is the cost of our spreads, reduced by what we took in for the extra April call). _______ UPDATE (Friday, 12:35 p.m.):  Offer an April 110 call short for 5.60. This will give us more “gamma” (i.e., frontspread) exposure to the upside, but it will be somewhat neutralized by time decay with March calls expiring today. I may lower the price before day’s end, so check back.  _______ FURTHER UPDATE:  (1:53 p.m.) The rally was short-lived, and the April 110 calls traded no higher than 4.60. (My 5.60 sale price was based on the C-D midpoint of a price pattern in the option itself. That price was very ambitious, and in retrospect I might have checked the stock’s chart itself, since it would likely have disillusioned me about shooting for 5.60 on the calls.