Only on month out or more...decay doesn't really ramp up until last 2 weeks...plus if you believe market is going that direction long term, should easily hit $10-12 and then some...also, if dip begins month before, those puts will fly higher as everyone will want some longer/cheaper puts....
I just like to keep my losses to minimum...$200 max is my limit per op...rarely ever pay more & usually try to keep it around $100 per op....if market does ramp, I can add .10-.20 range big like I did with puts when we did that gap & spike recent top Feb 2nd...I got a ton of cheap puts there...they paid off nicely today ;)
Example: QQQ topped 313's...$12 under would be 301 strikes...today (19 days later) we hit 294's...+$7 to the positive +puts extra = $9ish per op profit...and if you had Marches, you still have time for more...stay tuned! ;)
So to recap: buy under $2 starters at $10-12 on market bounce tops or close to it, add 50% dips double whatever amount you currently own, .10-.20 10x or more if you think those puts will be good in long run...good luck!
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