We hold the January 130-October 130 put spread four times for 3.40 and are still looking to hedge the upside exposure thereof. Let’s bid 2.40 today for a single September 170 call (GPYIN), good as long as the stock is trading 165.20 or higher. Our bid is on the stingy side, but I would not recommend paying up if we get close.  _______ UPDATE (12:50 p.m. EDT):  Cancel the order. The stock had to fall below 164 before the September 170 calls traded at our price. This implies that option volatility increased as the stock fell.  The stingy bid I’d recommended was predicated on option volatility declining with a gentler fall in the stock.  The fact that options get relatively juicier as certain stocks falls is Mr Market’s way of making certain that anyone who uses option leverage to buy the dips in world-beating stocks such as this one will pay a very hefty price for betting on the favorite.