Hedge short strangle on index options with futures?

pawelz

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Hi,
I have short strangle positions in WIG20 index options. Thinking of a back-up plan in the case of the index breaking either of the strangle strikes, I was considering buying futures with the same expiration date as options.

Normally, with share options, taking long/short position in the underlying is a very straightforward way of hedging sold strangles. However, I am not sure if that can be used with index options and futures like I described above..

Also, is there any difference between index options and index futures options???

Thanks,
Pawel
 
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