This VIX chart is updated through mid-March. As is indicated, it wasn't off by much with still two more weeks to go until April. VIX Long Term With VIX under 20 we were expecting a spike to above 30, minimum. The high so far in March has been 30.81 on March 13th. Making money with calls has been a bit more problematic, but the "Best Return" so far on the March 22nd $25C has been +193.75% on March 13th. There is a very real possibility of VIX climbing much higher in the weeks ahead, so the current position should be rolled into the next VIX monthly expiration which is April 19th, either today, Monday or Tuesday. VIX April 19th Calls As you can see in this short-term chart below, VIX moves fast and far when it wants to, so with 33 days to go until April monthly expiration, going out of the money provides a lot of leverage if we catch the spike any time soon. VIX Short-Term VIX ran up 68% between March 3 and March 13. A similar move from current levels between now and April 19th now would have it over 42 by expiration. But the next move should be higher and faster, making the case of a run-up over 50. Best case scenario has VIX in triple digits while the market is collapsing in a third wave down at multiple degrees of trend. With VIX at 100, the $30 April 19th call, currently trading at $223, would have $7,000 of intrinsic value. A boy can dream...I've seen some forecasts well above $100, but those involve some really dark scenarios. Not going there...for now.
