It is more complex, the graph unfortunately can't predict intrinsic valuation with accuracy in small intervals. The reality is that the $5 calls will actually continue to depriciate relative to the share price increase until they track the share price with near accuracy. This means in clear terms that right now the $5 calls have a solid amount of intrinsic value built into them because we are still at risk of the share price dropping below the strike price, but as the share price increase upwards towards $10 or $20 the $5 calls will begin to lose that intrinsic value because they would be considered "safe" and less risky since they are deep "in the money."
The calls that are out of the $ will be the reverse of this. Because they are out of the money, as the share price increases in value, the value of the calls will increase much more rapidly as the share price becomes closer to the call options strike price. The basic principle of this can be seen if you look at the delta of a call option. So basically this statement by you: "until then the $5's are increasing in value much faster" is incorrect. What will actually happen is the exact inverse of this. I did my best to explain this concept/privide an example for a user a few months ago in this thread:
http://agoracom.com/ir/Mannkind/forums/discussion/topics/567265-why-options-are-better-than-warrants/messages/1784283#message
Hope this helps clear things up
