Hey sweaterkitt, don't know if you were responding to my question or not , would never buy puts on VIXY ,too wide a bid/ask , not enough volume . Too answer my own question will buy current month and roll to next a week or so B4 expiration.
Def too wide bid/ask on VIXY, however when VXX was at 28 the week of FEB expiration the March ATM puts weren't 1.20-1.50. more along the line of 2.80-3.00 I imagine. I was asking smthomas if he stays with 5 puts or $600? Its personal, but I was just curious.