Option selling for premium

[ironchef]

I'm not sure of your question, but surmise this advice worthwhile to offer: hedging event risk with any manner of farOTM options is generally ill-advised.

Why? I thought some protection is better than none?

 

[tommcginnis]

Why? I thought some protection is better than none?

Think of the distance (and the dollar-pain you self-inflict to get there) as the deductible portion of your health/car/fire insurance. If you're that far OTM, even if you have "lots" in insurance, it may not do you a bit of good. If you really "need" the hedge, you want it activated ASAP.