Let's say you're daytrading a stock and it is halted. What can you do to hedge your position? Should you buy a put/call in case it gaps waaay against you?
I think in all likelihood if the stock is halted the option will be halted as well. If you do have the option, you might want to consider exercising the right since it is contractual. One consideration would be to buy/sell a similar industry stock or etf. For instance if you were short AMD and it was halted you could short intc or smh as a partial hedge.
Likelihood? Try certainty. Nothing you can do other than try to hedge with another stock in the same sector, and of course others will be doing the same in the case of really bad news and you will be taking a hit in most cases.