What is Long Skew? When you are long the downside options (higher implied volatility) because you have bought puts and likely sold calls. This position will cost theta to hold but will provide you with generally positive Greek exposure in a sell-off which will likely make money on the way down in spot, especially in case of a market crash. On the upside, you will become shorter Greeks which will also make money if volatility falls. Related articles What is Short Skew? What is Mark to Market? What is the Rule of 16? What are Market Makers? What is Tail Risk?