No, you can't mitigate black swans that way. To get any return on selling out of the money put options (with even the remote semblance of sustainability) you ha

No, you can't mitigate black swans that way. To get any return on selling out of the money put options (with even the remote semblance of sustainability) you have to have a crazy 100x or 1000x leverage. And you can't just going further out on expirations without posting proper margins. That is, you can, but not legally.