Has anyone been trading or studying the $VIX calls? The Nov. $12.50 look active and should be a hedge on the market vs. the elections and all the unknowns lurking about. It seems to me the $VIX calls could work whether the market breaks sharply up or sharply down as a hedge against various types of portfolios. $VIX has been in the 11-12 range, and 10 is about as low as it goes historically. The delta in the NOV $12.50 is .62, so if the market gets crazy, there should be some pretty good bang for the buck and you don't have to be right on direction. Or am I missing something here? My interest is in constructing a hedge against portfolio positions, not speculation.