What is the maximum limit to how many option contracts you can have. For instance when you bout to put in how many option contracts you want. is it 1,000,000?
The answer to your fantasy can be found at the CBOE.com website. Do a search on "position limits". Then come back here and dream some more
Sad to say, but after looking at the CBOE web site it looks like I will not be able to hedge my IRA by buying 1,000,000 puts on SPX.