I didn&#x27;t say they had to be naked. I almost always trade spreads. Naked options tend to be for casino individuals.<p>Also, selling naked puts against the VIX is a good long hedge. It&#x27;s not going to 0 and when it gets really, really low there&#x27;s already a little resistance in there as skepticism kicks in. You won&#x27;t make a ton of money on the downside, but you can sell enough to buffer any long losses.