In this particular case, I'm opting to use a long call given its high risk/return ratio, its relative cheapness to put on, as well as the large profit zone the setup generates.
Here are the metrics for the setup:
Probability of Profit: 54%
Max Profit: $910/contract
Max Risk/Buying Power Effect: $90/contract
Notes: There are a couple of different ways to manage this intratrade, one of which merely involves taking the whole setup off in profit. The alternative way is to strip off the long call vertical portion of the setup (the 17/27 wing) first as price moves up, after which you would look to exit the short call vertical wing (27/37) as VXX mean reverts (as it is want to do).
Like you I have been looking at volatility plays lately. An idea I am looking at is a VIX 20/30 debit call vertical . Haven't picked the expiration yet May or June ?