For many strategies (naked puts, spreads), when implied volatility is low, dollar wise, the risk is greater than the reward since premiums are lower. I'd like to investigate the concept of using the QQQQ which has a lower IV for hedging my naked put writing on some of its components. I realize that this hedge will not be exact since individual stocks that I write on have higher IV and fluctuate more than the diversified underlying. I'm looking to use the QQQQ as more of a catastrophic market hedge. Can you direct me to a source for add'l info or can you lay out some loose parameters as to how to determine how the hedge will perform based on current IV levels? TIA.