You're welcome. These options won't provide cheap insurance. If they are far out of the money, they won't provide much insurance and may be overpriced even though they are cheap. If they are close to the money, they won't be cheap and they will be in the worst part of their theta curve. That is, they will lose value more quickly than any other options. But you're on the right track. Consider studying options as a hobby over the next 6 months to a year. They are fascinating and once you 'get it' you'll start seeing all sorts of ways that they can add value to your trading. Don