Hey LanceJ, I find your post most interesting! Mind if I ask 3 questions? This is fascinating. I would assume that buying 4 Puts would necessary if he intended to sell/roll the long Put before expiration in order to keep the option price locked with the stock price. However, if he just seeks protection by exercising at expiration, then buying 2 Puts would be enough to cover his basis? Could you explain what "being long volatility" means, please? Could you explain how he is sending mixed signals please? I mean, he is looking to get downside protection on his stock position, regardless of whether his forecast is inherently bullish or bearish. Mind filling in the gaps for me please? Thank you very much in advance!