การป้องกันความเสี่ยงสินค้าคงคลังด้วยฟิวเจอร์สเทียบกับออปชัน: ผมพลาดอะไรไปหรือเปล่า?

You're not missing much; it's the classic trade-off. Futures are cheaper and give you a perfect hedge, but you give up any upside. Options give you that upside exposure but cost a premium, which eats into your margin.

The 'right, but not obligation' part of options is appealing, but that premium isn't free. You're essentially paying for that flexibility, which can quickly eat into your margin if the market moves sideways or against you for an extended period. Futures are more direct, but obviously, less forgiving.