  exploring ways to use it. The trading itself can be crazy but the valuations do get set.  Some thoughts - suppose you sell a PUT out of the money to collect some premium if you think the price will go UP. You can always buy a put of it starts to drop to cover your losses. You could even sell a call too, and could do the opposite if the price gets high, or if it stays between you get both. Interesting, but you can still lose if prices start going wildly one way to the other and you can't predict the move correctly. Just some thoughts on how this stuff works so I can understand the dynamics in my head (this is the writing version of talking to myself)  