I've traded ES for many years and have recently considered ES options to compliment and partially supplement what I'm doing. If you've traded both, or the options, I'd appreciate your thoughts / criticisms on the following: The way ES trades (alot of chop, retests, fake-outs, backfill etc.) I find myself more-and-more not maximizing winners like I should, getting caught up in the noise. It's not a question of trading too big IMO since I use a relatively conservative margin. (Long) options may fit my more binary, risk-adverse, big R/R approach a bit better. So, I was wondering if the trade-off between the theta, lower liquidity, and vega risk to the downside (long vol obviously, if vol is high I'll prob go with verticals or stick with ES) is worth the gamma; vega on the upside; ability to customize risk/return profile; ability to use a soft stop; and with pre-defined max-risk eliminating catastrophe risk to account from terrorist attack, suprise fed move, sovereign default (a type of loss insurance against 50-100 handle black swans) etc. Most of these trades would be intraday-swing trades, some may last 2-3 days. No hard-stop but will have certain time/loss exit provisions so as to limit the decay. Comm. will be similar. I realize this is a somwehat subjective thing, but I was curious if others have weighed the pro's and con's and what they found.