10/15/08 1 AM oil at $78.50 buy oopsite side options if it goes $6 either up or down If goes to 85 , buy 78 calls if goes to 73 buy 78 puts in both cases options will be cheaper , this is Leg 1 Leg 2 : use future to go opposite direction of Leg 1 with future contract , this Leg 2 will be sold for incremental profit keeping Leg 1 option as insurance ..