Let's say you have a good income earning strategy using options (i.e. covered call strategy). You have a good adjustment strategy and you are yielding good income monthly. But, something like a the Flash Crash or a "black swan event" as some like to call it occurs and the market falls real hard. They money that you have made in the past months could get wiped out. I was thinking of way of hedging my risks of something like this happening to protect my profits or to lessen my losses. Does anyone have any ideas? I was thinking of buying long term VIX calls or call spreads. Thanks.