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This is because $VIX trades in a range – rarely going below 10 and (although it’s been several years since it’s been highly priced) rarely going above 45.
Therefore, no one wants to buy the 10 strike puts, for example, and lots of people would want to own calls at that strike.
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Expiration dates are a bit difficult to determine: each month’s expiration date is 30 calendar days prior to the following month’s $SPX options expiration date.
So, for example, April $VIX options expire 30 days prior to the last trading day of regular May $SPX index options.
Clearly, these options can be used by speculators trying to predict whether $VIX will rise or fall over the lifetime of the options.
However, perhaps a more broad-based approach is to use them as a stock portfolio hedge against a declining stock market. These options settle, at expiration, at the value of $VIX.
This is usually the most costly way of constructing a hedge, but it is an accurate hedge – if the stock drops, the hedge will work.
A similar, and generally less expensive, approach is to buy index puts as a hedge against a portfolio of stocks that presumably behaves similar to the index itself.
In other words, if you were to sell S&P 500 futures as a hedge against your stock portfolio – assuming you sold a quantity designed to hedge the whole portfolio – you would effectively eliminate the chances for any gains or losses.