But thanks in large part to Chinese markets, I've now got that spike and will fade it here if I get the chance. Here's the setup:
VXX Feb 19th 16/17 long put spread (the 16 is the short, the 17 the long)
Probability of Profit: 16%
Max Profit: $93/contract
Buying Power Effect: $7 per contract (at the mid price) (will that be around on Monday? Who knows?)
Break Even: 16.93
Naturally, this is a total longshot setup at the outset. However, the idea is not to expect price to break $16.93 (that would be a "glory shot"), but rather to take it off at, for example, 50% of max profit.