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July 26, 2013  Fri 2:45 AM CT

VIX: SEE CHART GET CHAIN FIND STRATEGIES
An enormous put sale is looking for the CBOE Volatility Index to rise in coming months.

optionMONSTER systems detected the sale of 57,892 VIX September 14 puts for $0.54 yesterday. This is a new position, as the volume was above the strike's previous open interest.

The put seller is betting that the VIX will be above the 14 level at expiration in mid-September. VIX options are priced on their respective futures. (See our Education section)

The September VIX futures finished the day at 15.90. The August futures closed trading at 14.50, while the spot volatility index ended the session at 12.97. The VIX is right in the middle of its recent range between 14 and about 12. 
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Education & Strategy

The Strike-Based Greeks

The other Greeks (Gamma, Vega, and Theta) are calculated by using month and strike data, and not by individual option. These are called strike-based Greeks. Gamma, Theta, and Vega are all strike-based Greeks

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