New SPY Debit Spread

To replace the straddle, we will continue to express the downside potential of the market with a put debit spread. This hedges the vega risk and limits the capital outlay to small manageable risk. Consider the entire debit as maximum risk. We are buying to open the March 16th $255.00 put and selling the March 16th $245.00 put for net debit of $2.25.