Hi, I know that all of you on this thread are absolute genuises, so I wondered if you could point a mere simpleton in the right direction? I currently trade multiple underlying long stock positions and I would like to be able to, in an ideal world, purchase a put option, say once or twice a year, that gives me some kind of protection against total market downside. 1. What is the most liquid options market for the total market? I figure that something tracking the wiltshire 5000 or nasdaq composite ought to suit, or even perhaps the russell 2000 as most of my trading is in small caps. I am lost whether to buy options on futures (a la CME) or indicies (CBOE) or ETFs (AMEX).There is just too much choice ! 2. I know that it is not this simple but is there a rule of thumb as regard leverage vs premium? For example does a put costing $4k roughly protect a portfolio valued at $100k. It seems to from my own calculations. 3. Intutition tells me that I am best buying deep OTM puts to maxmise value in premium vs leverage. Am I right? 4. As I am looking to buy with the longest periods as possible (i.e. to have less premium costs) the idea of LEAPS seems quite interesting to me. Is there anything I should watch out for here? (I suspect the downside being that they will be very expensive in terms of premium vs leverage). Many thanks for any help given Funster.