Retail investors lack the resources and avenues to build long/short dollar or delta neutral positions and more often long stocks and hope to build a diversified portfolio. While this insulates them from certain risks, our portfolios are still exposed to market shocks and down swings. There are several ways retailers can protect against such events: 1. Using long PUT options on an index such as SPY. 2. Using a short position on index futures. 3. Using a long position on VIX futures. The challenge is to forecast when to hedge your portfolio and to this effect I have been reading various entropy based techniques that can predict contagion or spread of risk in financial markets. Of many such entropy based measures, I personally found Structural Entropy on financial correlation networks to be quite promising and you can find my attempts and experiment on hedging long portfolios with accompanied data and Python code here. I would be interested to know from other investors on their approaches to hedge their long only portfolios.