If one wanted to hedge a portfolio that includes numerous ongoing trades in various expirys from 18-Aug to 20-Oct what value would you think appropriate in the TOS Analyze Tab "Vol Adj" dialog box? I'm looking at a 15-Sep 1650 long Put (cost $0.55) and if I assume a 15% drop in the market (SPX dropping from 2447 to 2080) between now and next Wed (16-Aug) with the VIX currently at 15.4 (TOS rounded) do you think a 100% increase in volatility is realistic or appropriate (VIX increasing from 15 to 30)? When I look at the PnL of buying (5) 15-Sep 1650 Puts (total cost $275) with Vol Adj = 100% the TOS projected PnL on 16-Aug is +$72,470. Is that realistic? (50% Vol Adj gives a project PnL of $30,112.) Any thoughts?