Hi, I am new member. I was interested in the different ways of hedging a long position in spyders. I am looking at 3 alternatives: 1) ATM SPX Option 2) OTM SPX Option (Var 1%) 3) Futures hedge Except the 2nd alternative which is hedging crash risk, which one would be better and how do i evaluate performance. Or perhaps alternative strategies. Any ideas are welcome. hj