Point in fact, I don't trade the VIX or VIX-related products as a general matter, since the vast majority of my positions are already "hedged" with a short call side matched with an oppositional short put side. Moreover, as a premium seller, I am already trading or selling .
What VIX and long VIX-related products were originally designed to do was to hedge long positions in the event of a market downturn, but they have morphed into an instrument that traders are attracted to due to the price swings these products experience over short time frames ... . The reason why I primarily look at VIX on a daily basis is as an indicator of broader market and, as such, as a sign of whether to enter a premium selling play in a broader market index or index , such as SPX , RUT, SPY , IWM , etc. rather than as a possible options play in itself. But, then again, if I'm going to be watching the thing on a daily basis anyways, why not try to get a trade out of it ... .