A crash is expected to begin tomorrow October 17, 2016 with a deep crash low expected to arrive Tuesday October 18,
My previous chart
today is starting out down.
I'm not saying there is definitely going to be a crash, but if there is a "Black" Tuesday type day, I'd never forgive myself if I missed out on it. Since there has only been 2 in the last 100 years, it's pretty rare, and thus probably won't happen.
I think the way I will play this, is to go out of the money, and into the future. Going farther into the future will mute smaller moves that might go against you, but will still be heavily affected by a very large move.
Going out of the money has a similar effect, and it lets you get more contracts for the same amount of money.
Also, VXX will move a greater distance than SPX, so in a very large move, I expect it will make more money.
Also, make sure you buy the correct option (put or call).