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What the poster above said^... An alternative I've used in the past (when convinced on the directionality of the underlying) is a long vertical using leaps... Buy a long dated ITM call (I've used 80 Delta or above, usually 90 though) and short a more near term OTM (typically 60-90 days, 10 or so Delta). Hedges your theta in case stock is stuck in the muddle for long plus you'll keep rolling short OTM calls... gamma is hedged a bit too, doesn't account for much value in the ITM (given high Delta)... The margin is basically the cash outlay on long DITM call so you've somewhat boosted the return profile too.. not the juice of a successful long OTM call option like you proposed but a better risk / reward, given my goals