Because of volatility this position could return two to three times your investment even if your options never get in the money. Is it risky? Yes. Like you I am presently on the side lines waiting for a pull back so that I can go long. Google may not have a pull back until $700. That said if you put on this position don't be greedy. If you see good appreciation sell them or at least sell enough of them to finish the trade with house profits. As for me I think that I will wait until Monday to make any trading decisions.