VIX drops as options mark huge volume

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The CBOE Volatility Index ended Friday just off the lows of the week as the S&P 500 finished at its highest close in four years.

The VIX fell 1.22 points, or 7.8 percent, to 14.38. This came as the SPX added 5.8 points to close just shy of 1438. The two indexes are inversely correlated.

The September and October VIX futures were both down 1.05 points, to 15.05 and 17.5 respectively.

The VIX options had a huge day, trading more than 1 million contracts with almost twice as many calls as puts. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) had a record day with 625,000 options traded, 404,000 of which were calls.

The VVIX Index, which measures the implied volatility of the VIX options, fell to yet another new low in its short life at 82.24.

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