I am playing this with May'15 159 puts (expiry on April 24), with an average price of 10/64 so far and should provide ample time for a solid selloff.
I will scale off 1/3 at each of the targets and ride the rest in to expiration or roll them assuming this goes off without a hitch (since when does a trade ever go off without a hitch???)
The first target will get me roughly to a risk free position.
The second target is somewhere close to a 500% return.
The final leg will hopefully be in the money and a lot higher or get rolled depending on price action .
Stop on the trade is above 164'15