Edit: we are up nearly 4000% on this type of trade.
Hedging your portfolio is an important factor in managing risk. The VIX has settled close to the 20 level. If we expect to see a bump in volatility this is a trade we could enter.
Looking at the Jan 20 2021 EXP just 44 days away we could create a Put Credit Spread consisting of selling the 19 and buying the 15 giving a credit of $60. We take our credit of $60 and buy the 30 and sell the 35 Calls. Total cost of the trade is $5 Max Profit is $495 and make loss is $405.
At expiration if the VIX is trading between 19 and 30 our options expire worthless and we are only out $5. Above 30 we are making a profit and at 35 and above our max profit of $495 can be made. Below 19 we start to incur losses and are max loss is a VIX at 16 or below.