We hold eight bull spreads that have the potential to pay one’s subscription costs for the next six years. We own the spread — long December 12.50 calls, short December 15 calls — effectively for a CREDIT of 0.15 per, since we legged into it at very good prices. This means we stand to make as much as  $2120 if the stock goes out 15 or higher at expiration. However, we may have a chance to realize most of that gain well before Christmas, since SLW seems bound at the moment for a minimum 15.31.  The higher it goes, the deeper in-the-money both calls will be, and the less time premium we’ll therefore have to pay to close out the December 15s.  In practice, the amount of time premium in the December 15 call over and above time premium in the December 12.50 call should roughly equal the value of the December 15 put.  This is logical because buying the December 15 put would be one way of locking in whatever profit we have in the call spread with SLW trading above 15.