I have another idea but it's probably more suited for my risk control approach - and I'm really stretching that concept with this idea
You indicated that you own DRYS shares (currently $7.03) and you wouldn't mind buying more shares. You're coming into earnings. It could pop, drop, or do nothing. The unhedged drop bothers me.
If IV inflates, with a little luck, you might be able to get a Dec 1:2 7.00/6.00 put ratio write for even money.
If DRYS soars, your long stock does well and ratio write might be salvaged for pin money. At worst, the option side is a break even.
If DRYS goes nowhere and IV drops post EA, you might makie a little more pin money on the spread.
Below 7 you'll have some protection down to 6 and you could make up to a point on the spread (at expiration), offsetting the long stock loss.
Below 6 you're toast but you'd be aquiring more stock with a cost basis of 5 while incurring loss on your long stock due to the drop.
I don't play with these low priced sometimes volatile stocks so not recommending anything. Just throwing out something else for you to consider.