Here's a few ascending triangles forming to keep in view. Do wait for confirmation of breakout, i.e a break above the horizontal trendline before entering. Depending on when the breakout occurs, I will be looking at current month or next month option. As always, I'm looking for ITM options, with time value component not costing > 30% of option premium.
Eg. 50 strike call cost $2.0 Stock trading at $51.5 Intrinsic value = 51.5-50 =$1.5 Time value =option price - intrinsic value = $2-$1.5 =$0.5 => time value is 25% of option price (0.5/2.0)
WMT and CENX have already broken out of ascending triangle recently. Wait for pullback for entry