hello, I'm looking for ideas/books on methods to protect a basically short gamma portfolio from catastrophic events. I am defining such an event as one where you will not be able to place any orders of any kind. I'll assume the exchanges will all be down, or forced to close for a period of time. Thus any kind of hedge will have to be static I think, and already in place whenever you have captial at risk. Some ideas I've thought of to manage losses during such catastrophic events: 1) Back month strangles for protection. Downside - very expensive to buy an effective hedge. Hedging power decreases with time also. 2) Money management. Control the amount of capital at risk. Downside - expensive in the way that returns are cut drastically. 3) Do not get too close to expiration, before gamma gets very negative. Downside - miss out when theta is greatest. Will appreciate any ideas or recommendations to books I can check out. Thanks.