I'm looking to hedge against a general market crash by putting some of my Profit against it. Looking, probably, for big gamma. Not really great at hedging that way, so I'm looking for some solid advice on what instrument and how to place it and roll it. thanks.
Hopefully Destriero can chime in for you. I would imagine that most of the options (Ha!) that members are going to recommend are going to be rather expensive.
Sell calls to pay for puts in S&P. Sell puts to pay for calls in VIX. ***Naked only if you hold a portfolio of equities to cover a run higher. ***Not an expert.
Yeah, anything that gives the OP the downside gamma exposure he desires is going to be expensive. Perhaps one calculation the OP should consider would be to lighten up now and sell out the balance after an X% downside move. Weighed against the Y% cost of his current portfolio value for the desired option gamma premium paid out.