Originally Posted by Dollarmansteve

Oh, also - an out of the money write on calls is the wrong play for either of the scenarios mentioed.

If you want to make the most money you have to have the most leverage with the ability to participate in 'windfall' gains. This would be accomplished by BUYING out-of-the-money PUTS. (ie. owning the option to sell at a guaranteed price well above mkt. price).