You are going to get annihilated with those $22 calls Steve. Annihilated. Even if the vix spikes and stays there you will lose. Let's say the VIX spikes 30% just after june opex and vxx goes to $24 from $22. Decay alone on vxx will eat up $2 of that $24. Then the market cannot melt down slowly, it has to selloff hard and consistently. Those retrace relief rally's once every couple weeks even if the market sells off hard fast and consistently will keep this in check. Those $22's will expire worthless. You will lose every penny.
Nice one on the June 25's. Those are Aonster returns, been riding naked calls (with hedges) at 200 - 500 contracts per month since March. Played much smaller percentage of my account prior to that.
A bunch of premium has bled from the Julys post the last spike on the VXX to 25.60. I put a July position a few days ago and closed this AM.
I will wait until we see a 2-3 day 10% spike on the VXX before selling Julys again. Sorry not much help.