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yep
That sums up a lot real well.
One might add that options should allow the trader to more precisely estimate probabilities because options are priced, theoretically, according to options pricing models. They work to an extent. But sellers and buyers of options need markets, and these markets and their makers tend to evaporate into extraordinarily wide bid-ask spreads at extremes (ordinarily when profits and losses are greatest).
In the meantime, we ask again: where are the traders' yachts?
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