The Whole Picture

Testing the S&P 500 vs. OEX Put/Call Strategy

This is great information and adds another tool in making investment decisions. The return would be even better when adding the returns of alternative investments when not in the S&P. Returns from other investments could be fairly significant since one is invested in the market less than half the time (48.7%). And, I appreciate the author's transparency in showing the downside risk, which is clearly less than the risk of a buy & hold strategy. One question I have is whether or not the CBOE's equity options (less the index options) ratio works the same way?