At the current time, I have no hedge, I sold out of it about the time of the last dip. They were $220 strike puts that I had been accumulating and averaging down on price when we would get price strikes. I sold them to early but they were starting to get into too much time decay being 30 days from expiration. I had 40 of them that I had averaged down to $.25 each, of course after I sold it we had that little panic sell-off and I would have made about $3800 profit had I held on to it for 2 more days. If we get the up move that I am hoping for I will probably start trying to size into a hedge at about the $240 or $250 strike level. As you can see here I really missed out on a nice payday because of my lack of patience. I learned a lesson and realized a few mistakes I made along the way so I will use that next time around and fix my approach. I went to big right out of the gate and then was chasing it on the way down. I am still learning and unfortunatly I got burned on that one. I will fix my screw up next time around. :)