option hedging ees eugene bob discussion question raised yesterday option writer obligation deliver hedges underlying adjesting delta positions hedging cost theoretically equal fair value option premium hand option holder obligation delta heging would pay double option upside hedge option holder wants protect time value option sell option market equivalent options create theta neutral portfolio may require trading orginal equivalent option underlyings question call options mentioned embedded ees contracts say fixed price sale contracts makes possible separate options sell market retain full values options conjecture options meant hedge original contract selling options eliminate upside original contract give one us call want discuss zimin