{ "media_type": "text", "post_content": "Can someone teach me how to short the vix in such times?", "post_id": "60f6033974e1a60022dde48e", "reply_count": 8, "vote_count": 4, "bowl_id": "5acc42208c6b52001375e11e", "bowl_name": "Option Traders & Investing" }

Can someone teach me how to short the vix in such times?

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Super easy. Just buy SVXY

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Not an easy play so stay small. Two ideas: 1) ST puts but be careful since it can bounce back up - I lost 40% on this play today before getting stopped out. There’s also an issue in over paying and IV can be high and falling. 2) Sell OTM calls. Look for super high IV and don’t hold too long. These are better day 2 or day 3 plays. Again, stay small and don’t be greedy.

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Won’t you need to own underlying to do naked calls? I have been doing covered calls.

Are you sure you know what the VIX is?

Yes I do.

You can't short VIX directly. You can play options on the VIX for downside or you can trade VIX futures where you can go short.

There’s no underlying for VIX. You either trade it covered or uncovered.

There actually is an underlying for VIX - it’s the SPX options that make up the index. Retail doesn’t trade SPX options, but institutions who make markets in VIX options or other VIX derivs can definitely trade SPX options as a way to hedge.

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