I don't really trade equity options. But I was considering getting some as a hedge last week. If you had sold May 21st ES 1180 calls last Thursday, after that collapse and the underlying was trading at $1120, you could've gotten ~$7.50 for your trouble. Obviously, if the underlying had collapsed further... you would've booked all of that. But today, even after a huge 4% run-up in the underlying, you could still buy back the option at ~$8-9. (On a related note: don't *buy* deep OTM calls... see above.) Just goes to show, you really gotta have awareness of how vega is likely to move with underlying.