I'd say it's time to pull the trigger on XOM in the OOP as they are testing $80 and not likely to go much lower.  In the LTP, our Las Vegas play was:

• Sell 5 XOM 2019 $80 puts for $8.50 ($4,250)
• Buy 10 XOM 2019 $70 calls  for $15.20 ($15,200)
• Sell 10 XOM 2019 $85 calls for $6.25 ($6,250)

The trade still works but a big pricey for the OOP with the obligation to own $40,000 worth of XOM.  Instead, for the OOP, let's do the following:

• Sell 3 XOM 2019 $70 puts for $5.20 ($1,560) 
• Buy 5 XOM 2019 $70 calls for $13.65 ($6,825)
• Sell 5 XOM 2019 $80 calls for $7.60 ($3,800)

That will give us a net entry of $1,465 on the $5,000 spread that's 100% in the money to start so all XOM has to do is not fall below $80 and we make $3,535 (241%) back on the cash.  Our obligation is to own 300 shares at $70 ($21,000) and ordinary margin on that is just $2,100 so it's a nice, efficient way to make $3,535 if you like that sort of thing…

Another good one for the OOP is our Vegas SVU spread (cheaper now).  While it may be a long road to recovery for them, we can get some great premium so let's take advantage.

• Sell 25 SVU 2019 $4 puts for $1.10 ($2,750) 
• Buy 50 SVU 2019 $2 calls for $1.75 ($8,750)
• Sell 50 SVU 2019 $3.50 calls for 0.95 ($4,500) 

So here we're netting into the $7,500 spread that's 100% in the money for just $1,500 so our upside is $6,000 (400%) and our worst case is owning 2,500 shares of SVU at $4 ($10,000) – plus whatever we lose on the spread.  

Even in a crappy market, there are bargains to be had and, as long as the market isn't collapsing, our hedges should protect us from most foreseeable, immediate damage.  The rest we can adjust!