Hi, I've been in VIX school, and the tuition has been somewhat high. Since I'm already flunking out, I should ask: Should I buy to close the 10 put and hang on to the 5 put? (this was purchased pre 5:1 split so the real values are 50 and 25). I don't see VIX spiking to any meaningful number that would help this trade soon.
Thanks for the replies. Part of my confusion came from the 5:1 split and ending up with ns20/100 options instead of the standard ones I had. It turns out the max loss on this was 2k so I exited the trade. Lost $$$ but gained several valuable lessons.