Someone fact check me on this because I’m new to this and have been trying to learn about risk mitigation. One theory would be to sell for credit in times of high implied volatility. Given you have a long OTM call you can hedge your investment by selling a bull credit spread with an 80% probability of hitting, like the 5/17 $131/$130 for a $22 credit per contract.

Edit: this was in response to a question on hedging losses for a far OTM $DIS call.