@retiredmarine1214 why a put spread? why not just sell vix puts outright say $14 Dec contracts? I just can’t imagine that we won’t have a spike to 14s by the end of the year… Even in 2017 when VIX was in the 9s, it did have spikes up to 13/14s. Or buy calls of the vix and have unlimited upside (in case a Feb 5th event happens again).