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More specifically, the goal is to hedge the option perfectly with probability \\(1-\\varepsilon\\) while bounding possible terminal losses by \\(-c\\). For European options, market completeness implies that the problem reduces to determining the cheapest strategy with positive wealth process whose terminal value exceeds \\(c\\) with probability \\(1-\\varepsilon\\). If the probability of all atoms is small, it is approximately optimal to invest in the replicating strategy of the Arrow-Debreu securities with smallest likelihood ratio \\(dP^*/dP\\), i.e.\\ in the relatively cheap atoms. In the American case, perfect replication with probability \\(1-\\varepsilon\\) and boundedness of terminal losses by \\(-c\\) are required for all possible stopping times of the holder. The structure of the solution is similar to the European case. 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