The CBOE Volatility Index is down .61 to 14.97.? VIX is in the middle of the 52 week range.

Today paper traded 24613 VIX May 16/24 call spreads with a 16 put.? The ADV is 799k contracts.? The OI is over 48k contracts on each strike.

The volume went up in 3 blocks. The upside calls are marked as a buy which means this could be a long call versus a short ATM straddle.? The trade had the straddle trading a .01 of the bid on both sides so it was most likely a sale.? This is a controlled range trade where the investor is hopping for a $2.37 orbit around 16 VIX.? The trade is most likely opening since the VIX just came from a higher level.

30-day implied volatility is 73%.?? 10-day implied volatility is 114%.? 30 day implied volatility is trading above the 10 Day Historical volatility.

The CBOE Volatility Index (VIX) measures the IV in the S&P 500 index options with a 30 day duration.