dkeller: i've never bought a naked long option in my life but i see the analogy...was on the other side of the trade for way too many years to ever buy a naked option :)
like you, no equities involved...was purely index, commodities, and financial futs. merc, cboe, and the board. also worked on the quantitative side for a number years before i retired.
welcome to the board.
DISCLAIMER: NEVER ASSUME INFO ON MESSAGE BOARDS TO BE ACCURATE. ALWAYS DO YOUR OWN DUE DILIGENCE. DON'T BUY STOCK BASED ON THIS POST OR ANY OTHER POST. I OWN A LONG POSITION IN THIS STOCK AND THEREFORE I AM BIASED.