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

I was just doing it to hedge my TQQQs. You are calling that a mistake, but SHOULD work out nicely, if the market continues to go down they SHOULD (I think) go up considerably, offsetting my losses on the TQQQs. In theory anyways haha.

 

buy calls, hedge delta->win through vol and skew

 

Well as longest your aware those hedge puts had a very high improbability of recovering any TQQQ loss you may incur.

Which doesn't seem like the case. Otherwise, you wouldn't be here asking why your puts are not up more.

 

For what it's worth you should look at VXN - QQQ volatility when trading and closely examine the OTM skew. Simply, you may have bought the wrong options for your view.

 

Seems like wings are relatively expensive now.

 

As for which calls for a newb to buy, is a 40 Delta generally better or worse than a 50 Delta or a 30 Delta, given a negagive view of far out of the money options?

 

I would think at the inflection point/area of the 2nd der. on the curve?

 

How did you determine that the QQQ could fall?
Do you have trade setups and entry triggers?

 

How many days till expiration were the puts when you bought them? If they were just a few months away from expiration then they might have lost much time value during the process. Might be a good idea to buy the leaps if deep OTM for enough protection.

 

Why the hell would you have TQQQ right now if you think QQQ is going down ? And why are you buying options you don't understand at all ? You could in fact see your puts go to zero later this year and lose money on your TQQQs.