A interesting observation was made on Thursday when it touched 420: the initial cost for one lot was 8,000. If extended to the December end with a strike price of 600, the cost increased to 12,000—seemingly allowing a profit of 4,000 per lot. But the actual operational space is limited.

Recently, the market has experienced significant volatility pressure, and there's a considerable chance of falling back into the 400 range. More importantly, this batch of Calls was rolled over last week to the early February and June delivery periods, with gamma decay becoming obvious. The daily price movements are insufficient to trigger sharp fluctuations. In other words, short-term gains of explosive magnitude are unlikely to occur due to one or two trading days' market movements.

This actually reflects the complex relationship between option prices and the underlying asset's volatility. The smaller the gamma, the weaker the leverage effect on the price, and the more gradual the delta changes. Comparing the performance differences between near-term and longer-term contracts can help traders better understand the practical impact of time decay and volatility on option pricing. Starting from this case, it’s helpful to review the fundamental logic behind derivatives pricing.