I never use a stop loss for Options. Due to the low volume basically you just get dumped on. It's not usual for me to to loose 100% of an option or just let it expire. (Unfortunately)
If you are trading a portfolio of somewhat illiquid names that makes total sense.loosely speaking,if you have a system on a portfolio of 20 stocks where 10 go up 70 percent and 10 go down 70 percent,long options makes alot more sense than long stock.
yeah that's more or less being long vol. I think the OP needs to learn to trade/forecast vol before even talk about options.