ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[stingray113]

We need a VIX of around 13.5 for you to breakeven. Good news is this spike actually HELPS increase the decay on UVXY. You can consider buying more puts at these levels to "average down" but it may be more lucrative to consider rolling out to an SVXY spread instead.

For example, consider an SVXY $63/68 call spread. That's essentially the same bet as your previous UVXY puts, except one month later. Also should return almost 3 x's your cost basis at current levels which will almost get you a breakeven. If you "average down" by increasing your contracts by 1.5 then you can still make a nice profit with a similar bet for little additional risk.