The idea for this question is more or less taken from a slight hint regarding how Universa Investments L.P. functions from Taleb's Antifragile (obviously the real case is far more complex but this is just a home implementation).
Suppose you have a portfolio X, where 20% of X gets diverted into put options, more specifically in a 1/N distribution (hinted at in some page in Antifragile). Let's assume that N = 5, then we divert the capital (4%) into 5 put options.
What is a good way to determine if it's better to buy the options closer to expiry (and subsequently renew the purchase in set-intervals, and how to determine the intervals) or farther away from expiry and how far out of the money should they be? I know that if I buy them with a bigger TTE (time to expiry), the Vega Greek will be more pronounced and thus the payoff from a change in volitility (on which this set-up is banking on) should be better.
Any other tips how to compute, at least in principle, how out of the money the options should be to maximize potential gains (I know this isn't exact science, I would just like to have some dialogue on this topic)?
Tyvm for the answers.