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So far from what I see, they've been mostly out of the money about 2 strikes away and 1-3 weeks from expiration. Many times depending on trend and outlook of the underlying, they would build positions further out and then scalp around those positions.
Today I also heard the systems guy mention something about a "straddle" and being "delta neutral" and "gamma scalping".
One guy currently has a position in AAPL 10/20 $150 calls and he's scalping AAPL 3/10 $138 calls. I'm pretty sure he is also holding AAPL LEAPS which were bought last July when AAPL was in the 90's. Those are probably 300-500%+ right now. This guy trades mainly AAPL for years and tends to get in right before AAPL takes of and get out right before AAPL pull back...amazing accuracy.