The Britons have decided to exit the EU as of today:(Source: Varlamov.me)The numbers came close: 51.9% in favor of leaving the European Union versus 48.1% in favor of staying in EU. All equity indexes across the globe are in the red with FTSE 100 leading the pack:(Source: Google Finance)What should you do now? Well, if you have equities in your portfolio, the best thing you can probably do now is just waiting. Alternatively, you can sell options on your stocks as implied volatility is shooting through the roof with the VIX being up by double digits:(Source: Google Finance)The short-term options are your best bet because the market is unlikely to bounce back in the really short-term. I am personally eyeing a put calendar spread in iShares MSCI United Kingdom (EWU):(Source: optionsprofticalculator.com)The trade is a unique opportunity for several reasons:(1) The implied volatility in short-term options is very high, according to optionstrategist.com (the weekly options' IV is in the 98th percentile from 600 readings!). This is a great opportunity to sell the premium.(2) The duration of the trade is under one week. This makes it a quick event-driven opportunity.(3) The risk-reward ratio is fantastic:(Source: optionsprofitcalculator.com)As you can see in the graph above, if the ETF remains under about $15.30 per share through July 1st, 2016, you will make a profit. The maximum profit potential here is $28 per contract, if the ETF closes at around $14 per unit on July 1st, 2016. Hence, the maximum risk of $2 per contract is compensated by the maximum return of $28 per contract. This translates into a staggering 14:1 risk-reward ratio!In addition, the "window of safety" is 16%, which means that the ETF has to move by over 8% in either direction to lose the trader money. Even though this may not see safe on weekly basis, think about the maximum risk you will bear with this trade. There is no time for caution with this play!