if you have a positive delta bias that is leveraged in your portfolio you can short the indexes all the time just to hedge your downside. Sell on up days, buy back on down days. It keeps my port from dipping as much, and my growth outpaces the indexes... so you can see how that works. keeps me harvesting theta and vega basically. portfolio stays basically delta neutral.
Anyone ever watch at market open everything you wanted to buy has already gaped up and you see a stock that has gaped down instead and you think quickly that this stock will reverse and follow trend so you full port and the stock just melts all day and you lose all your money? Ya stop doing that! If the market is UP and every stock is flying high except one stock it means that stock has serious issues going on. It’s not just late to the party.
I have a couple runners currently up 1200% at close on Friday, it'll be nasty tomorrow. Can't imagine throwing much more than 5% of the port into options for a single ticker tbh. That's where you start becoming truly regarded