So buy the 2380/2640 outside strangle for what exp? Guess? SPX hits 2640 and you buy ITM puts.
Jan17 strangle is $44 (no quotes on my phone). Worth $73 tomorrow at vola-400bp and ATM at 2640. 65% and you golfing for four years?
Make a note: When S&P 500 hits 3 standard deviation on weekly or monthly, you buy puts for your "tail risk protection". You buy OTM calls for your sweet spot.
And yes, golfing is a refreshing sport after hedging your ar$se while you are making some $ on the upside.
Last check: S&P up +130 @ 2470. Another day like this and my 2640´s are ITM.
Jesus, what a ride! LMAO!
Gotta run. Ladies are waiting.