trade was $0.15 or $15 per contract. The total cost of this trade was $1,218,990. This trade does not get into the money until it is above 60.30.
This assumes a delta of 50 to arive at the price of 60.30. There have only three months where the VIX traded above 60. Those months were October, November
and December of 2008. The middle of the Financial Crisis of 2008. The ultimate financial meltdown of my lifetime.
Could something that bad happen between now and March 23? Someone seems to think so.
The highest the VIX has been since it was created was 89.53 in October of 2008. If you had bought 10 of these calls for $15 your total cost would be $150. IF and it is a big IF, the VIX rose to say 75, those 10 calls
would be worth a profit of $14,875. Someone has a serious imagination to think the VIX could rise that much.