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Thanks for the advice Sails!

Twas my thinking (ie most options expire worthless) thanks for the confirmation.

Also, on the anticipated 'big' move what do you think of 'backspreads' in the stock option market (bullish...write a call ATM or even ITM and long 2 calls JOTM, hopefully revenue neutral)? The problem as I see it, is the move has to be a big 'un and may be more suited to 'news' reactive markets such as futures (??).

I've never done it in anger but the concept of limited loss potential and no limit on gains and the mathematics looks good.

PS Thanks for the welcome.