Would love to hear suggestions on ways to prevent buying back vertical spreads when IVs are jacked up. Scenario: I've sold a vertical put spread, and when markets are closed, the underlying moves down a lot, maybe more than 1-std deviation. When the market opens and in the first 30 mins of trading, the underlying hits a point where I have to close out my vertical spread by buying it back, or I risk losing more than I'm prepared to, what are the various ways I can take to delay buying back the spread, until IVs drop to a more reasonable level? If it could allow me to delay buying it back without suffering further losses for about 1 - 2 hours, I think that would suffice. Going short futures is one, but that requires a lot of margin. What other methods can I take to avoid buying back my spreads at crazy IV levels? Thanks!