I am new to options trading and wanted to know the best way to hedge some equity positions I sometimes find myself taking overnight. If I am long 10,000 shares of GPN at 40.05, and was looking to limit my downside risk, what is the best method? I'm looking to create some sort of safety net for the 1-3 days I will be holding the equity position. I think I need to write some call options, but can somebody explain the process. Also, how much will the entire transaction cost. What are implications if the stock goes down $5 or up $5? Thanks for the help.