Why do you use VXX puts for upside risk. I know the UL will drop in value as we rip higher. So buying puts makes sense to manage the upside risk. But how to calculate deltas when using VXX to remove the short bear call spread delta. esp. when using indices as SPX/ SPY. In the RUT put fly you used IWM to cut deltas since IWM is 1/10th of RUT. But VXX is not related entirely to SPX/SPY/RUT.