What Option Strategies would you use in a Run Away Market ?

[spindr0]

Credit put spread sounds good but has a very limited profit potential
OR
One with a limited profit but can be later changed which is a Collar. That is buying at the money put, selling out of money call & going long on stock. Total protection on downside but limited profit just like credit put spread but getting more out of hugely inflated calls with an option to buy back the call if stock goes up without too much retracement.

Vertical spread is equivalent to a collar. Calls are more expensive than puts due to carry cost.

How about just buying a put and going long on stock. Limited risk & unlimited profit potential.

Fine if stock moves up. Not fine if down.

Synthetic stock. with limited risk, i.e. Selling at the money put, buying out of the money put and buying at the money call.

Synthetic stock is long call and short put. Adding the long put makes it the equivalent of put protected stock. Avoid the extra commissions and slippage unless insufficient funding to buy stock.