>then you still need $900,000 in working capital Not true, you can sell to close back into the market without exercising. This is what most options traders do.

>then you still need $900,000 in working capital Not true, you can sell to close back into the market without exercising. This is what most options traders do. Also you can easily get them for "free" in a manner of speaking, if you use something like a bull put spread. You sell a naked leg of the position that pays for the purchase of the other leg.