Can someone please help me understand something? Every thread has people screaming about GME 115c 1/29. I can't tell if people are being serious or are just shitposting. I'm not asking for financial advice, I just want to understand how this works mechanically/financially.

From my basic understanding of options, a call is only valuable if it's ITM. Meaning that buying GME 115c 1/29 would only be worth it if the share price of GME exceeded 115 by Friday.

However, you also have to pay a premium, so selling that call might not actually be profitable unless GME hits 120 - 125, or something like that.

1) What's the point of buying a 115c instead of, say, 70c if you expect the share price to hit 120+? Wouldn't the 70c be much more valuable to sell?

2) Why not buy like a 20c because it's basically "guaranteed" to expire ITM?

Basically what are people actually hoping to accomplish by YOLOing on 115c GME 1/29 calls?

I bought 34 shares, all I could afford. This is the most retarded thing I've ever done with my money. I'm not willing to fuck with options without a better idea of what I'm doing, though.