I some times trade VIX options when I feel it hit extreme levels. But the option's IV behavior is a bit confusing. For example, yesterday I bought a VIX DEC 26 Put for 3.3 when VIX index at 24.65. Today when the index moved below 22 the option hardly moved up, even it is trading below intrinsic value at 3.6. Hardly any IV left.
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