Interactive fitness company Peloton was a hit during the pandemic, with its luxury touchscreen bikes, treadmills, and live, on-demand classes that were only available by subscription. Then, it took a hit by the end of last year. I used a bullish options strategy earlier in the month (9/2/22), hedging to counter downside volatility. This week there was a leadership shakeup and stock rally at PTON. When the price hit $10.55 yesterday, gains were up 12% and by maturity, they would have been 18%. It has gone back down a bit since, but the very large cushion protects my investment from a drop of up to 68% through 6/16/23.