More Apache Calls

With Apache under 104 per share and being short the March call at 120, I am thinking that my call position is going to expire worthless.

Therefore, I sold the July call on Apache with a strike of 120 to open my
position for $2.50 per share. These calls were sold to open my position. I sold one call contract for each 100 shares of Apache that I own.

I am now short two call contracts for each 100 shares of Apache that I own. This means that if I am assigned on the March 120 calls I will be forced to sell all my stock and I will have to buy back the July calls.

My big fear in this trade is that out of the blue some major oil company is
going to make a large cash offer for Apache and therefore, I am going to lose
(big) on both call options. However, I consider this to be a calculated risk.

The symbol for the Apache is APA and the symbol for the calls I sold is ADWGD.

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