I'm a relative novice too
Just feels like the days of penny calls are over (unless it's something that expires in a day or two).
Premiums are high...feels dangerous to lose that much premium on something not very certain (OTM).
I've mostly played it safe as most of my options are 2022 bought back in Dec and then paid down the margin for 2022 calls with small plays in short term calls. If it didn't work out, I'd be paying it down slowly from the paycheck.
Thinking some 2022 calls could still be well profitable.
Like 6/22 400c-450c you only pay ~ $40/share from the current SP to get a 2x leverage.
I think it's sort of a safe play to say SP will go up by $40 in 2 years.
But this requires significant money and willingness to wait (the benefit of waiting is lower tax rate).
I'm not super positive about high strikes like 1300-1600. May or may not happen, high risk.
But the notion that you need to pay $100/share premium for a 6/2022 1600c is shocking to me as well.
Back in Dec I joined
@SpaceCash in paying $22/share for a 1/2022 640c, so these new premiums are hard to swallow for something deep OTM.