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I don't do much with options. Once in a while I'll buy some puts when I think the market is really high.

A couple of times I've dabbled with VIX options. They are a bit strange to me because if you hold a call option at 60 on a stock trading at 40 with less than a month to expiration, you know it will almost always expire w/o value since stocks aren't going to jump 50% in a few days or weeks in most cases.

With the VIX it is completely different. I had some that expire in a few weeks and I kind of wrote them off with basically no value but then in a couple of days the VIX goes from 18 to 28 and boom, they are now worth a few thousand (yeah, big trader I am!). (And yeah I took my money and ran with it.)

Feel free to correct me here if I got this wrong.
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