I'm pretty certain most would agree that deep otm put options in the ES s&p futures are extremely unlikely to ever be hit. These would include 3 to 12 month expiring options, with strike price for puts at 600 and below. You could also go farther out with leaps on SPY if you wanted even higher time premium. I'm currently brainstorming for a strategy that takes advantage of these $100 to $500 premiums that close otm each and every month for the past number of year. In the past few weeks, I have come up with numerous ways to trade this idea. However, they all pretty much equal each other in risk and reward. However, my goal is to devise a strategy that allows me to use the 'MOST' amount of leverage possible Recently the ES plummented all the way down below 700. I don't believe many were expecting this, and I'm pretty sure that traders who currently used a strategy similar to mine, got eaten alive if they didn't plan for catastrophy. I believe that this can be avoided if the worse case scenario is the basis for the entire trade. I mean serious serious serious worst cast. I'm talking so serious that my trades would cause losses even in your account. With that said, how would you trade this type of strategy to get the most leverage taking worst case scenario as your basis. Selling 2 to 3 ES puts OTM every 3 to 6 months is nice for some people. I want to know which methods would have the highest leverage of all trade ideas.