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+516 Part V: Index Options and Futures 
+futures options are unworthy of the strategist's time and effort. In fact, just the oppo­
+site may be true - the lack of general information may produce some inefficiencies 
+that the strategist can benefit from. 
+One factor concerning the trading of futures options can be of major concern 
+to many customers and salesmen. Salesmen who are registered to sell stocks are not 
+necessarily registered to sell futures - an additional test must be passed in order to 
+sell many types of futures options. Similarly, many customers - primarily institutions 
+- have received approval from their constituents to trade in stock options, but would 
+need further approvals to trade futures or futures options. Neither of these things 
+should stand in the way of the strategist - if there are opportunities in futures 
+options, then the customer should find a broker who can trade them. Also if the 
+strategist finds that he requires certain approvals from within his own institution 
+before he can trade futures, then he should obtain those approvals. 
+STANDARD OPTIONS STRATEGIES USING INDEX OPTIONS 
+The stock option strategies described in all of the preceding chapters of this book can 
+be established with index options as well. The concepts are normally the same for 
+index options as they would be for stock options. If one buys a call at one strike and 
+sells a call at a higher strike, that is a bullish spread; if one sells both a put and a call 
+at the same strike (a straddle), that is a neutral strategy. One uses deltas to determine 
+how many options to sell against the ones that he buys in order to establish a delta 
+neutral strategy. Likewise, he uses the deltas to tell, along the way, how his position 
+is progressing and how to adjust it to keep it delta neutral. 
+We will not describe these same strategies over again. They have already been 
+described in detail. The risk of early assignment removing one side of a position can 
+alter some strategies. In some cases there are particular advantages or disadvantages 
+with index options and futures. Thus, we will briefly go over some major option 
+strategies, giving details pertaining to their usage as index option strategies. 
+OPTION BUYING 
+The most common reason for wanting to buy index options is to take advantage of the 
+diversification that they provide, in addition to the normal advantages that option 
+purchasing provides: leverage and limited dollar risk. Many people feel that it is eas­
+ier to predict the general market direction than it is to predict an individual stock's 
+direction. This feeling, can, of course, be put to good advantage by buying index 
+options. However, sometimes it is not better to buy the index options. In such cases, 
+it may actually be smarter to purchase a package of individual stock options.