Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited.

Buying an option in the money, at the money, or out of the money
You can do some very crafty hedging with the variety of options.  For instance, deep out of the money options are affected more by changes of market volatility, knowing this you can get long or short vega very easily, as opposed to necessarily betting on changes in the underlying asset.