Why the heck are my QQQ put options not up more?

I bought some puts on the QQQ basically at the market top when QQQ was around 400. The strikes run from 300 to 310. I bought them cheap because they were so out-of-the-money - VIX was low and no one was thinking about this sort of downturn.

So the market has taken a HUGE hit. QQQ down to the 350 level, at least halfway or more to the strike price. But my QQQ puts have only gone up in value a little!

I get that they are still out-of-the-money, but they are a lot closer to being in the money than they were! I would have thought given the new hysteria in the market they would have become more pricey. Is the fact that they haven't gone up all that much a sign that maybe people thing the downside will come to an end soon, and thus there will be no benefit from those 300 - 310 strikes?

I assume that if the market continues to go down and gets close to the strike they will have to start going up in value dramatically, and once the QQQ price goes below strike it has to increase at least in value dollar/dollar with the QQQ decrease?

Thanks!

 

The market is multi-dimensional. Other than QQQ, we get double QQQ and TQQQ. And all the futures and OTC total swaps. We never know the true picture.

Things are still fluid. 10% correction is not enough to move anything. Not much pain. Cathie Wood still there. She still does not feel the pain yet. Elan still enjoys all his cash and net work. No pain.

 

What were your expiries?

 

Choosing an OTM option too far out with improbable odds of coming near the strike before expiration. Is a classic beginner mistake.

 

If the options expire far out in time there is too much time value to see gains. When and if there is little time and the option is in the money than you see gain.

 

Do you know or better yet write down what the Delta for that option was at the time you bought? Is there a way to find this info out in hindsight? Thanks

 

"I want to buy lotto tickets"

-> goes ahead and scrapes up some teenies for ridiculous IVs
-> market crashes, OTMs slide down the skew

"why didn't I make money"?

THE END

 

In a helpful fashion, what SIMPLE factors would you suggest newbies consider when looking at trading an option when the trader wants to use options to short the QQQ?
For a Newb, Would 40% Delta be close enough to ITM to consider - and what else would be SIMPLE and effective for this approach of simply buying a put on the QQQ in order to profit from the possible down move, that has indeed occured.
Even in hindsight, What was the optimal Put to have purchased?

 

Some I think July this year, others December this year. Most December I think.

 

But QQQ options are American style options, correct? I.E. I can exercise any time, not just on expiration. So I think the options being far out (at least several months) would be a huge plus, no?