I have begun to hedge my RUT positions by using weekly OTM put options...about 4 deltas in value. I buy them about two weeks out and then just let them expire. On paper, using OV, this looks like a good strategy and allows me to define how much risk I want to take on. I dont include these puts in any of my greek calculations. except to determine how much to buy. On Paper...ie in OV....this looks like a good strategy and costs me about 10 percent of the overall profits of the trade. I am just wondering if anyone else is doing this and what your comments are.