Your example is a bit inaccurate. First, a $70 premium on $520 is a little less than 13.5%, not 15%. Secondly, you lost a full in time value comparing when comparing a $460 January 2014 call now to a $520 January call when the stock was at $520.
Not an accurate or fair comparison.
it was suggested to sell the Jan 2014 $520 call and put for $147 two months ago...of course this a running sequel to earlier trades that put anywhere from $160 to $200 in your pocket based on a $600 share cost basis..
Regulars are familiar with this..new visitors please ignore this post.