CBOE:VIX   Volatility S&P 500 Index
Frankly, I don't use debit spreads very often, since they require a certain degree of directional certainty which I ordinarily do not have. Additionally, they are not high probability plays in the vast majority of cases.

However, I have a certain degree of certainty that volatility will increase from here and, ironically, the volatility in volatility is quite low, and in a low volatility environment, an options trader should move away from selling premium and into low volatility 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
POP%: 50%
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.
Out for a small profit on this increase in volatility. I'll look to be more patient and get in lower ... .
With expiration nearing, I figured I'd bail on this setup at slightly above scratch ... . Got out for a .14 credit, which just about covers fees/commissions for the two contracts I put on.
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