Bought BP Call Options

Today finally bought BP Jan21, 2012 Call Option, with strike $30. The rationale behind this purchase has threefold.

First, I tried to pick a call with a big Delta such that I could enjoy the largest exposure to the price change of the underlying. While Deep ITM Calls commonly have larger than 90 Deltas, the prices are also high, which doesn't fit my budget. The BP 120121C30 has a 80 Delta, which gives me a large enough exposure based on the budget I have.

Second, BP 120121C30 has 16 months to mature, which gives the Call a relatively long period to decay.

Third, BP 120121C30 has an open interest of 6630. It is much active, so as liquid, than other 2012Jan Calls.

Option chain: