I notice that the handful of CTAs out there who use naked puts (or calls) as a strategy generally stick to SP 500 futures. But several of them seem to have expanded into ZN (10 year bond options.) Yet when I look at the number of strikes where there is a bid/ask, and the number of months out you can get a bid/ask, I wonder how the heck they do it. It's not like you can write OTM options 2 SD out. Anyone do this and can explain how the risk/reward is similar to writing naked SP 500 futures options?