Igor, I think what Nishant is asking… if that put side ends up getting tested, are you going to hedge or roll that out?
If I’m reading this right, he’s concerned about “whipsaw” risk when it comes to rolling those puts up higher.
For me, I know that when we have a very low VIX like this the odds of us tanking lower are pretty low. It seems counterintuitive but that’s what the stats tell me.