On the last day of trading Call-Options

[SKLahiri]

Dear All,

A weekly call option, which was purchased at-the-money, is currently out-of-money on the last day of trading before expiry, with no long position on the underlying stock.

e.g. 1 XYZ Call at strike price of $100, expiring on Fri Apr 21 2012, was purchased at premium of $10, on Monday. Broker commision is $10 + $0.75/contract. On Friday morning, the price being $90, with the current premium being bid=$0.50 and ask=$0.65.

I have the following questions regarding recovery of losses:

1. What would be the strategy/s to recover losses (as much as possible), without use of margins (ie. no short-selling/sell-to-open stocks/options) with cash available for investments, the same (or slightly more) as that used to purchase the option at the beginning of the week ($1010.75) ? (Please use assumptions as appropriate, and state them, to provide a working strategy)
2. I expect any strategy would involve risks. Is there any sure method (risk free) to recover the entire loss before expiry, say with further cash-investments if necessary ?
3. Can the Binomial method or Black Sholes method be used for guidance ? Are those models reliable on the last day for trading (which might be affected by intra-day volatility) ?

I look forward to you responses.

Thanks.