What I meant is that usually I sell the options short - then time is REALLY your friend! I get paid cash up front which is mine to play with, although then which I may or may not have to give some of back later. Obviously, I try to pick it so I get paid the cash up front and never have to give any back. You can go short the puts or go short the calls, so you can set it up either way. I always do a spread to limit my risk.

That said, I have to be pretty sure of my stance to take this on. And the options market for the stock/index/etc has to be liquid enough. Nowadays I don't have time enough to chase this down.