I'm thinking of using option instead of stop to protect a position. Say if you bought XYZ @ 21, then you bought a 20 put option of XYZ at the same time. If market moves up, your profit will be offset by the premium, and when it moves down, the option functions like a stop. Is it doable? If so, what strike and time frame is of the best in terms of either protecting your lossing position or/and maxmizing your profit?