Im thinkin' buying puts is a better deal than buying calls because volatility usually increases during a crash, and stocks take a slow ride up and a hard drop down. Each time SKF crashed (last fall and early winter) the value of the puts shot way up, then dropped as that etf neared the bottom. Seems, all other things being equal, buying puts would be better than buying calls. Is there any way to estimate the volatility change when, you project XYZ to drop 20% in 45 days? Any thoughts?