However, I have a certain degree of certainty that will increase from here and, ironically, the in is quite low, and in a low environment, an options trader should move away from selling premium and into low plays like debit spreads, calendars, and the like.
Consequently, I am going long VIX here, risking 1 to make one on the notion that VIX will be >16 some time between now and expiration:
Nov 18th VIX 15 Short Call/17 Long Call debit spread
Max Profit/Max Loss: $100/contract; $100/contract
Break Even: 16.00
Notes: As an alternative, look to go long via VIX with a similar spread with your short call slightly out of the money and your long call slightly in or at the money. You can naturally also consider UVXY , but the bid/ask spreads on that instrument are usually wide (i.e., illiquid).
I'll look to take this off at 50% max profit.