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+Are You a Buyer or a Seller?
+The question is: which is better, selling volatility or buying volatility? I
+have attended option seminars with instructors (many of whom I regard
+with great respect) teaching that volatility-selling strategies, or income-
+generating strategies, are superior to buying options. I also know option
+gurus that tout the superiority of buying options. The answer to the question
+of which is better is simple: it’s all a matter of personal preference.
+When I began trading on the floor of Chicago Board Options Exchange
+(CBOE) in the 1990s, I quickly became aware of a dichotomy among my
+market-making peers. Those making markets on the floor of the exchange at
+that time were divided into two groups: teenie buyers and teenie sellers.
+Teenie Buyers
+Before options traded in decimals (dollars and cents) like they do today, the
+lowest price increment in which an option could be traded was one
+sixteenth of a dollar—a teenie . Teenie buyers were market makers who
+would buy back OTM options at one sixteenth to eliminate short positions.
+They would sometimes even initiate long OTM option positions at a teenie,
+too. The focus of the teenie-buyer school of thought was the fact that long
+options have unlimited reward, while short options have unlimited risk. An
+option purchased so far OTM that it was offered at one sixteenth is unlikely
+to end up profitable, but it’s an inexpensive lottery ticket. At worst, the
+trader can only lose a teenie. Teenie buyers felt being short OTM options
+that could be closed by paying a sixteenth was an unreasonable risk.
+Teenie Sellers
+Teenie sellers, however, focused on the fact that options offered at one
+sixteenth were far enough OTM that they were very likely to expire
+worthless. This appears to be free money, unless the unexpected occurs, in
+which case potential losses can be unlimited. Teenie sellers would routinely
+save themselves $6.25 (one sixteenth of a dollar per contract representing
+100 shares) by selling their long OTMs at a teenie to close the position.
+They sometimes would even initiate short OTM contracts at one sixteenth.