### Comment:
Anyone who believes that position actually risked $1MM doesn't understand how options work.  
  
 In a hypothetical where I take assignment on all 1200 calls the loss on the position is about $6,000, since the spread between the cost of the shares and the premium from the calls was $.05

### REPLY:
If the stock tanks 20% before expiry, is the loss still capped at 6k?

### END.