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.