I’m going to trail a stop on this trade. I want to milk it for more… but the main issue I see is that the March puts may end up seeing the implied volatility drop as the risk in the market goes lower. That would not be good for the the calendar spread.
I’ll just go ahead and call out a sell order:
Sell to Close VXX Jan/Mar 27 put calendar @ 1.95 or higher.
If you want to trail a stop, use a close back above 30 to bail.