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Thanks. As I understand it is like a bear put spread only that short 25 delta puts need not be equal to long 5 delta puts. Does that mean if short 25 delta puts are ITM and long 5 delta puts are OTM we end up paying a cost for the hedge?

Retail investors lack the resources and avenues to build long/short dollar or delta neutral positions and more often long stocks and hope to build a diversified portfolio. While this insulates them from certain risks, our portfolios are still exposed to market shocks and down swings. There are...