I closed some IMUC MAR 2.50s today for .45 gotten for .15, but I think in that name I should go for equity.
It is coupled in sympathy with CLDX, and as CLDX gets mainstream acceptance, IMUC will benefit. Might look to play long calls on CLDX. They just did a secondary and did not really fall back. CLDX might be a good equity long for small bags 1.5, 2, maybe 3X
there is a war going on either side of $20 on that stock. The conspiracy theorist in me tells me its the MMs keeping that price down at $20 so the Feb $20 calls expire worthless. The Mar $20 calls are.80 more expensive, I smell a rat. I don't enough about it to play but I think the bulls win.
If you are an options player and think they'll pin ARIA at $20 at Feb. opex, take a look at a butterfly.
Long 1 19 call
Short 2 20 calls
Long 1 21 call
Using the midpoints for right now between the bid/ask (you'd enter the order as a combo with a limit price), I get an out of pocket of 40 cents (which is your max. loss). If it closes at 20, you get paid a $1 (and make 60 cents). If it closes at 19.40, you get 40 cents (and breakeven), if it closes at 20.40, you get .60 cents (and make 20 cents), etc.
Max. loss, as I mentioned is your outlay of .40. This is true if price drops to zero or goes to $40.