If tomorrow I were to sell Mar 08 '80put' options for 3 pts, If a crash came along, I could possibly have to buy it back for 10x, 20x, 50x, etc. of what I paid for it. (This is possible correct?) What happens in the above scenario if I would purchased a 75put for mar at 2pt creating a credit spread? How much would a 75 put protect me from the astronomical advance in premium that would surely come on a huge downmove? Is it only naked put writing thats extremely risky. Does a lower strike hedge curb this to at least a 'managable' degree?