Hedging a short UVXY position over the summer. How best?

[BeautifulStranger]

I'm going to be traveling from mid-June to mid-August and won't be on the screen watching things in the market as I usually do. Thus I want to hedge a short UVXY position, 1650 shares, basis of 13, against a catastrophe, volmageddon, black swan, whatever. I can handle a 100% draw down (the position is a low single-digit percentage of my trading account) and even a bit more, but if it moonshots up like it did Jan/Feb 2020 or 2018, I want a hedge. I figure long calls somewhere in the 25 to 30 range, August 19 expiration. What's the best trade for this? Buy the protection and then pay for it (its expensive) with short calls with expiration of a much longer date and expiration? Examples? Just hedge half? VIX alternatives? Thanks in advance. I know this is work.

Take a look at the August 19th, 2022 35/28/14 broken wing butterfly. Twenty or so of these should do.

 

[bgp]

I'm going to be traveling from mid-June to mid-August and won't be on the screen watching things in the market as I usually do. Thus I want to hedge a short UVXY position, 1650 shares, basis of 13, against a catastrophe, volmageddon, black swan, whatever. I can handle a 100% draw down (the position is a low single-digit percentage of my trading account) and even a bit more, but if it moonshots up like it did Jan/Feb 2020 or 2018, I want a hedge. I figure long calls somewhere in the 25 to 30 range, August 19 expiration. What's the best trade for this? Buy the protection and then pay for it (its expensive) with short calls with expiration of a much longer date and expiration? Examples? Just hedge half? VIX alternatives? Thanks in advance. I know this is work.

 

[bgp]

i'd be very careful doing this in a bear market

 

[BeautifulStranger]

Take a look at the August 19th, 2022 35/28/14 broken wing butterfly. Twenty or so of these should do.

Oh my…

 

[SoCalOptionsWriter]

What am I missing here in terms of a hedge?

 

[stepandfetchit]

Some thoughts: None ideal.

With TOS, you can place a GTC contingent order to enter a trade (say purchase 17 25 strike Aug Calls) IFF UVXY price > (computed moving threshold), to capture the beginning of a vol spike event. -- This is an approach to placing a Just In Time hedging trade.
I did this (GTC conditional contingent orders for protecting my UVXY short positions).