1 ES with 10 point stop = $500 at risk
4 SPY calls @ $1.25 = $500 at risk
1 ES 10 points profit = $500
4 SPY at 10 point SPX move = 25% gain = $125
Throw in some VIX drop and it gets worse, options are not worth using for day trading. If you must swing trade options
then day trade the futures to hedge or pay for them.