goodfoot, because of the strike price is too far away it won't feel any significant drop effect, here are some helpful video to help you understanding those greeks basic, pay attention to Alpha Options Calculator, Greeks Basic => <a href="http://content.tradeking.com/wiki/display/tkedu/Option+Calculator+Screencast" target="_blank">http://content.tradeking.com/wiki/display/tkedu/Option+Calculator+Screencast</a> Profit + Loss Calculator, collar play => <a href="http://content.tradeking.com/wiki/pages/viewpage.action?pageId=6821" target="_blank">http://content.tradeking.com/wiki/pages/viewpage.action?pageId=6821</a>