This may be a little long winded, but stay with me here....
A simple example:
* Hewlett Packard @ $30.96 (HPQ)
* Buy 07 Jan 22.5 Call @ $9.90 (VHPAX) (used as a surrogate for stock purchase)
* Sell 06 Feb 32.5 Call @ $0.75 (HPQBZ)
* Net debit $9.15 (net cost of trading the two options)
* % If...