What are the pros vs cons of selling naked calls instead of buying puts when looking for an intermediate top. Obviously the reward is better with puts but when selling premium you put time on your side which is a tremendous advantage when playing the downside since perfect timing on the short side is so difficult . Vol is low as it's ever been pretty much but if you are right on direction, you will make money at or close to expiration . and what about European style calls options, do they sometime sell at a discount ? shoudl you then refrain from selling them ? how do you see if they are fair valued when they are out of the money if there is no US style equivalent?