STVBO and Options

["Hengy" <hengy@xxxxxxxxxxxxxxxx>]

  <FONT 
  size=2>Has anyone had any experience trading options on the QQQ and SPY using 
  short term volatility based on the <SPAN 
  class=710225023-15122001>underlying index. I would base the option trade 
  on signals given by the QQQ or SPY.  I'm trying to determine what 
  would be the correct option to buy, whether it is fairly deep in the money or 
  closer to at the money.  What will give me a similar price change 
  relative to the index?  Also would I trade the option which is 1, 2, or 3 
  months out.  My system trades about every 2 weeks or so.  When does 
  time decay least affect the option?  These are probably basic options 
  questions but I'm not as skilled in this area.  My current systems tells 
  me to go long 3, 4, or even 5 times in a row before reversing and I would like 
  better control of my equity.  Margin isn't always enough.  Any help 
  would be greatly 
appreciated.