Well I have 36 days, and if VXX moves 4$ the value of the 30PUT will quadruple. if the market doesnt rally in the next move up at least I have the premium, so when vxx inevitably falls due to contango, i will at least make a marginal gain over time. I doubt we're going to see a constant crash through the new years, and even if that did happen, volatility will eventually go down and contango will pull vxx down. keep in mind if the spy hits 130 vxx will be approaching the 20s.
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