SPDR S&P 500 (SPY)

[imiloa]

my thought:
create a spreadsheet with the current options chains for April/May put options below 190.
you can cut/paste the data from your broker's option chain web list.

then plug in your target numbers to see how much each strike option would be worth at that price vs current pricing.

that will show you the optimal payoff contract for each target price.


that said, my real thought is that April is a long way from now.
and dec16 is much closer.

and that holding any puts overnight is very risky until the wheels do come off the bus.
eg: october rally.

so the spreadsheet seems a worthy exercise to get you thinking about the possibilities.
but seems better to see what happens dec16 first.

i'd rather get in late on the drop
than loose a large fraction of ante to premium erosion.