researcher59 I can buy long calls or sell covered calls in my IRA. Just buying longs on quality stocks that I think have a very high chance of moving up. Most of my options are for spring 06 with a few into 07 and 08. My original goal was to buy Leaps but some stocks don't have them and the time premium was pretty high on others so I chose the spring 06 as the next best way to participate.
The percentage of portfolio is partly a function of how fast the options have appreciated. Overall they have doubled, so I invested 6% and now they are 12% of my portfolio. Bobwins