This VIX-RSI chart below suggests a low is near being established in both the volatility index and its RSI indicator, a low which should lead to at a minimum of a reversion to the mean rally of 20% or more in the days ahead. It could also presage a spike well into the $20's as that also looks overdue. VIX 240 Minute Blue UP arrows correspond to RSI making a low and turning up, along with the VIX index. Trade Trigger We are looking for the first turn-up in both RSI and VXX before entering this trade. Wait for it, as VXX could churn for a week or more before starting to climb out of its current hole. Enter on the first positive close for VXX (currently -0.21 about 90 minutes into Monday's trading). With options, even those six weeks out, time is money. Early Monday volume favors the $18C, but open interest says the $20C is an easier and safer trade.
