Suppose I trade an option and I wish to hedge that option for delta and vega. Another option is available to trade.

Suppose I trade an option and I wish to hedge that option for delta and vega. Another option is available to trade.

To complete the hedge I would
A . trade the underlying in such a way as to make the portfolio delta and vega neutral.
B . trade the other option in such a way as to make the portfolio delta and vega neutral.
C . trade the other option in such a way as to make the portfolio vega neutral, and then trade the underlying in such a way as to make the portfolio delta neutral.
D . trade the underlying in such a way as to make the portfolio delta neutral, and then trade the other option in such a way as to make the portfolio vega neutral.

Answer: C