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+102 Part II: Call Option Strategies 
+apparently are attracted by the leverage available from options, but they often lose 
+money via option trading as well. 
+What many of these option-oriented day traders fail to realize is that, for day­
+trading purposes, the instrument with the highest possible delta should be used. That 
+instrument is the underlying, for it has a delta of 1.0. Day trading is hard enough 
+without complicating it by trying to use options. So of you're day trading Microsoft 
+(MSFT), trade the stock, not an option. 
+What makes options difficult in such a short-term situation is their relatively 
+wide bid-asked spread, as compared to that of the underlying instrument itself. Also, 
+a day trader is looking to capture only a small part of the underlying's daily move; an 
+at-the-money or out-of-the-money option just won't respond well enough to those 
+movements. That is, if the delta is too low, there just isn't enough room for the option 
+day trader to make money. 
+If a day trader insists on using options, a short-term, in-the-money should be 
+bought, for it has the largest delta available - preferably something approaching .90 
+or higher. This option will respond quickly to small movements by the underlying. 
+SHORT-TERM TRADING 
+Suppose one employs a strategy whereby he expects to hold the underlying for 
+approximately a week or two. In this case, just as with day trading, a high delta is 
+desirable. However, now that the holding period is more than a day, it may be appro­
+priate to buy an option as opposed to merely trading the underlying, because the 
+option lessens the risk of a surprisingly large downside move. Still, it is the short­
+term, in-the-money option that should be bought, for it has the largest delta, and will 
+thus respond most closely to the movement in the underlying stock. Such an option 
+has a very high delta, usually in excess of .80. Part of the reason that the high-delta 
+options make sense in such situations is that one is fairly certain of the timing of day 
+trading or very short-term trading systems. When the system being used for selection 
+of which stock to trade has a high degree of timing accuracy, then the high-delta 
+option is called for. 
+INTERMEDIATE-TERM TRADING 
+As the time horizon of one's trading strategy lengthens, it is appropriate to use an 
+option with a lesser delta. This generally means that the timing of the selection 
+process is less exact. One might be using a trading system based, for ernmple, on sen­
+timent, which is generally not an exact timing indicator, but rather one that indicates 
+a general trend change at major turning points. The timing of the forthcoming move