Yeah, I get that I could sell my futures and instead buy an in-the-money call option with a strike at my current stop-loss level. But those calls usually have huge spreads and very low volume. So I’d either have to accept a terrible price or wait forever for someone to fill my order.

Instead, I chose to stick with the futures position and buy an out-of-the-money put. The spread there is much tighter.
But as I explained above, that approach has its own downside. A "no-touch" bet could eliminate that issue.