wait until the VIX is extremely low, such as if its held below 16 to 17 for months and months. Listen to analysts, when talks about the economic cycle hitting its later bull run stages are happening, consider that (im talking about the bloomberg economists on like page 10 of the site not CNBC people), then find if realized Vol, ie the ATR, has been consistently low for a long time. In that case, taking .01-).1 % of your portfolio depending on risk tolerance and adding a weekly, or even daily, deep OTM put long, looking to purchase for 2 or less cents or 5 for the SPXW, and holding them. Trade as usual, then, when the blowout occurs and Volatility jumps, such as last friday, not only are your open trades protected but you make p/l positive even when you time the market wrong. its called convexity

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