We have found that for average-volatility stocks (in the 30 to 40 percent range), purchasing the LEAPS 25 to 30 percent in-the-money offers a good balance between the capital required to establish the position and the amount of time premium paid for the option. Moving the LEAPS’s strike price closer to the stock price would lower the capital required, but would increase the time premium of the purchased option. It is important to remember that our goal here is to take advantage of the time decay of the short-term option.（訳）平均的なボラティリティーの株（30～40％）であれば、25～30％のインザマネーのLEAPS がポジションを組むための初期費用とオプションに払うタイムプレミアムのバランスが良い。
For higher-volatility stocks (50 precent and higher), it may be necessary to purchase calls that are in-the-money by 30 to 40 percent to minimize the amount of time premium being purchased.（訳）高いボラティリティーの株（50％以上）は、購入のためのタイムプレミアムを最小限にするために30～40％のインザマネーのにする必要があるだろう。
Out-of-the-money LEAPS, for example, are suitable under two sets of circumstances: a very rapid run-up in the price of the stock, or a significant price increase by expirationアウト・オブ ・ザ・マネーは株価の上昇のペースが早い場合、期限日までに株価が急上昇した場合に適しています。
One can conclude from this that out-of-the-money option,even out-of-the-money LEAPS,are best suited when a relatively quick run-up in the price of the underlying stock is expected. Otherwise, at-and in-the-money option will generate better returns.アウト・オブ ・ザ・マネーは株価が上昇した場合。一方、アットorイン・ザ・マネーはベターなリターンが得られる。（リターンが良い確率が高い）
the longest LEAPS are created after the expiration of May,June,and July options and have roughly 2 ½ years to expiration.訳：最も期間が長いLEAPSは5月、6月、7月のオプションの有効期限後につくられ、期限はおよそ2年半となります。
