Would someone please give me an example of a sling shot hedge for any market preferably SPY. I know you go long the underlying, and then buy a put ATM with 2-3 vertical credit spreads. I haven't been able to put one together that pays 100% of the protective puts premium. When I do find them, the spread is so large that it doesn't seem to be correct. I've got the feeling that I'm looking at it wrong. Can somebody please help.