I want to gain exposure to the underlying portfolio (long some stocks, while short some stocks) using options. While I have limited cash for margin, so I have a hard time figuring out the exp date and strike prices.
I do realize that at a given expiration date, the in-the-money options tend to provide higher delta-theta ratio. And a long expiration date option will suffer less from time decay. However, they are generally more expensive.
Say I want to gain a 3x leverage on the underlying portfolio(buy 3x shares, short 3x shares), which options, in general, shall I consider?