Volatility Views

Originally Posted February 8th, 2016 Volatility Review: CBOE to list SPX Wednesday-expiring weeklys options. CBOE to begin overnight dissemination of CBOE Volatility Index (VIX). VIX Options: Total 5.81m (3.93m Calls, 1.88m Puts) Earnings Volatility: LNKD after the bell: ATM straddle = $22, approx. 11.5%, after-hours move approx. $50. Crude Oil: Wall St. fluctuates as equities track oil prices. Is oil driving the stock market? And should traders care? Volatility Voicemail: Listener questions and comments Question from GBL - Stock splits are seen to be greatly beneficial to options volume. But do they also decrease volatility, which should hurt options trading? Around the Block: Prognosticating. Wild and reckless prognosticating.

Volatility Viewpoint: Today we are joined by Jonathan Molchan, Portfolio Manager, Horizons ETF Management. He discusses: What does Horizons ETF Management do? Horizons ETF products Why are there so few options-oriented ETFs? Volatility Review: A look back at the week from a volatility perspective. VIX Cash - 16.50 VVIX - 95 VIX Options - ADV: 943k, VIX call/put: 2.6/1, Total 7.06m (5.11m Calls, 1.96m Puts) VXX - 42.32 Earnings Volatility - AMZN, MSFT, INTC & GOOGL Volatility Voicemail: Otpions question of the week. We dig up many strange options positions at the Options Insider. Some seem credible while others are just head scratching. Which of the following open options positions do you think has the best chance of actually becoming a winner? 32% - 49K TSLA Jan 2019 50 P 32% - 197K VXX Jan 2019 10 P 25% - 65K GLD Jan 2019 200 C 11% - 146K SPY Dec 2019 150P Listener questions and comments: Question from Illir -So VXX Jan 10 puts are worth about .03. But VXX2 (or VXXB -not sure which) Jan 10 puts with exact same strike and days to expiration are worth 2.60 (a 1 lot just traded this morning)? Am I missing something? Comment from LLLC1 - I think the world just woke up to a new risk for vol products - "issuer panic risk." We all knew it was in the prospectus but now we've seen it materialize. I wonder how this will affect risk premiums in these products going forward. Question from Bortega - Why are there no options on VXAPL? Will there ever be options listed on this product? Crystal Ball: Wild prognosticating found here. Last week: Mark L. -16.35 Mark S. - 14.25 Mike Thompson - 15.85 This week: Mark L. - 16.05 Mark S. - 14.25 Jonathan Molchan: 15.25

Volatility Review: A look back at the week from a volatility perspective. VIX Cash is still hanging around in the teens. VVIX - 97, pretty much unchanged from last week. VIX Options - ADV: 1.05M, VIX call/put: 2.6/1, Total 6.29m (4.55m Calls, 1.74m Puts) How is the VIX July 10-75 strangle doing? VXX - 42.50 OIV - 26.5, 2.5 points lower than last week. GVZ: 12.25, 1.25 points lower than last week. Volatility Voicemail: Last week's volatility flash poll Which product/segment do you think will experience the most Volatility over the coming trading week (through the close on Friday 2/20) SPY SPX VIX WTI Crude Gold Bitcoin BTC GLD USO 28% - S&P500: SPY, SPX. VIX 8% - Gold: GLD, Comex 28% - Crude Oil: WTI, USO 36% - Bitcoin: BTC Options question of the week VIX is back in the mid-teens. Are you buying this Volatility reprieve or is this merely calm before the storm? Quite simply - Where do you think VIX will end the week? Here: 16-18 Higher: 18-20 Even Higher: 20-25 Lower: 14-16 Yet Another Options Flash Poll: The proposed third exchange from @MIAXexchange will raise the total number of U.S. Options Exchanges to 16. Is this a good thing for the options market? Is it the straw that finally breaks the camel's back? Or are you too busy getting great fills to care? More Exchanges the Better Please Make It Stop Don't Care: I get filled Comment from Patrick Snoke -The more the merrier....my fills are. Listener questions and comments: Question from Scott Somer -Think this product will get enough liquidity? https://twitter.com/MIAXexchange/status/986334029338300416 Question from Niddles - VIX settlement WTF?!? Question from Allen - What are the VIX mullet guys up to these days? Crystal Ball: Wild and reckless prognostication Last week: Mark L. -17.17 Mark S. - 15.00 This week: Mark L. -16.35 Mark S. - 15 Mike - 15.85

Volatility Review: A look back at the week from a volatility perspective. VIX Cash is back in the teens. Could it possibly reach 15 again? The market is tanking and rallying on both trade war and real war concerns. VVIX - 97 VIX Options - ADV: 1.05M, VIX call/put: 2.2/1, Total 8.50m (5.85m Calls, 2.66m Puts) Paper sells May 20/22 call spread and buy May 17 puts 84,000 times. VXX - 47, almost unchanged from last week. Bitcoin futures up another 400 today. Volatility Voicemail: Volatility Flash Poll Which product/segment do you think will experience the most Volatility over the coming trading week (through the close on Friday 2/20) SPY SPX VIX WTI Crude Gold Bitcoin BTC GLD USO S&P500: SPY, SPX. VIX Gold: GLD, Comex Crude Oil: WTI, USOF Bitcoin: BTC Listener questions and comments: Question from Loades - What will it take to get VIX back into the 15 handle? Comment from Jack -I'm with the questioner from last week. It's a huge pain to figure out which VIX future the weekly options are trading on. CBOE needs to hold more brokers feet to the fire to surface that stuff much more readily. Question from Alfred - Any updates on the VIX whistle blower? Comment from Chingis - Dudes, how about a weekly rundown of the hot VIX ETFs and ETNs? Question from Elandra -If you could have your ideal volatility product what would it be? Question from DKMan - Why no options on TVIX? Crystal Ball: Wild prognostication Last week: Mark L. - 17.15 Mark S. - 17.89 Russell - 19.99 This week: Mark L. - 17.17 Mark S. - 15.00

Volatility Review: A look back at the week from a volatility perspective Happy 25th Birthday of VIX! This week CBOE is launching a month-long celebration of the 25th anniversary of the introduction of the CBOE Volatility Index (VIX Index), which CBOE began publishing in April 1993. VIX cash is back in the teens. The market is tanking and rallying on trade war concerns. VVIX - 92 Russell's Weekly Rundown VIX Options: ADV - 1.05M, VIX call/put - 2.3/1, Total 8.06m (5.57m Calls, 2.49m Puts) Volatility Voicemail: Listener questions and comments Question from HFL9 -Would you rather see options on bitcoin futures or more futures listed on more crypto products first? Question from Lil Nicker - How do I tell which future a VIX options trades off of? Question from Barry -How do I tell which future my VIX options are priced from? I've been looking at some calls expiring on April 18th. Thanks for the shows. Question from Mark Clyde Brant -Will rising vol persist all year? VIX above 20, VXX above 40, half the time? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 16.85 Andrew - 17.76 Euan - 19.50 This week: Mark L. - 17.15 Mark S. - 17.89 Russell - 19.99

Volatility Review: A look back at 2017 from a volatility perspective. VIX cash was back in double digits, briefly. Kevin's Weekly Rundown: VIX Options: ADV - 672k, VIX call/put - 4, Total 9.78m (7.83m Calls, 1.94m Puts) Looking back on the 2017: The year without volatility. Which trades stood out to you in 2017? CBOE files to list 6 bitcoin ETFs after being first major exchange to trade cryptocurrency futures. Crystal Ball: Your prognostication headquarters Last week: Mark L. - 9.65 Andrew - 8.99 Russell - 9.25 Where will VIX close at the end of 2018? Mark L. - 17.25 Mark S. - 11.01 Kevin - 14.04

Volatility Review Segment: A look back at the week from a volatility perspective The market in tanking on trade war concerns. Steel tariffs - officials are not loving it. VIX cash is back in the 20's this week. VVIX - 122; VIX Options: ADV - 1M, VIX call/put - 2.4/1, Total 7.26m (5.11m Calls, 2.15m Puts) How's the VIX July 10-75 strangle? Volatility Voicemail: Listeners weigh in Question from BTBurg - What is the best way to trade these inverse VIX ETFs going forward? If I'm long XIV does it make sense to always have some VIX calls in my back pocket just in case? Doesn't that get expensive really quick? What about spy puts? Or should I just have puts on the inverse ETF in case the counterparties get cold feet? Question from JelloFan - VXX 1-yr 50% OTM puts plus VIX 3 month 15% OTM call verticals - 5 or 10 handles wide. Is that the secret sauce? Question from LNC -$SVXY calls suck now. What about selling the puts? Is there any juice in those or have they been drained as well by the bid redo last week? Question from Oswald -Are you part of the SVXY class action? Crystal Ball: Your prognostication headquarters Last week Mark L. - 15.15 Andrew - 14.75 This week Mark L. - 16.85 Mark S. - 17.76 Euan - 19.50

Volatility Review: A look back at the week from a volatility perspective VIX cash back in the 15 handle VIX Options: ADV - 1M, VIX call/put: - 1.9/1, Total 13.9m (9.16m Calls, 4.76m Puts) Weird iron fly with crazy call kicker VXX - 38.89 Volatility Voicemail: Options Flash Poll Which would you rather see first? Would you rather see Options finally listed on Bitcoin futures? Or would you prefer to have more Cryptocurrency futures (Litecoin, Ethereum, etc.) launched instead? Gimme Bitcoin Options More Crypto Futures Save Me from More Crypto Last week's Volatility Flash Poll: VIX is off the board and SVXY is a pale shadow of its former self. So how are you getting your "short Vol" fix these days? Reply/DM with alternative suggestions. 20% - Short VIX Futures 22% - Long VIX Puts/Spreads 32% - Short VIX Call/Spreads 26% - Short SPX/SPY Volatility Listener questions and comments: Question from Big Blanc -I'm liking the VXX erosion play. Question though - Why does everyone talk puts on this trade? Why not selling calls or call spreads? Or maybe the combo - buying puts and selling calls or call spreads? Any backtests on that? Question from Jack K. -How is Mark's SVXY call vertical holding up? Comment from Brian Collamer -Hey Mark, You been talking off and on about seeing how the straddles performed vs actual moves around the earnings. Check the Analyze>Earnings tab in Thinkorswim sometime and let us know what you think! Comment from Brian Collamer:Also thought you might get a kick out of this. Question from Liam - Any cool takeaways from Mark's trip to RMC or FIA? Question from Leo -I have a bunch of VXX Jan 2019 puts. Should I be concerned about the issuer pulling an SVXY and suddenly rendering those puts irrelevant? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 14.75 Mark S. - 13.15 Russell - 14 This week: Mark L. - 15.15 Andrew - 14.75

Volatility Review: A look back at the week from a volatility perspective. Cboe RMC: What are our favorite presentations? Interesting discussions/topics? Tariffs, Trump & VIX: It has been another volatile week. VIX Cash - 16.54 VIX Futures - "Super meltyF and delicious Russell's Weekly Rundown: VIX Options: ADV - 1M VIX call/put: 2/1 Total 12.6m (8.45m Calls, 4.16m Puts) Volatility Voicemail: Volatility Flash Poll XIV is off the board and SVXY is a pale shadow of its former self. So how are you getting your "short vol" fix these days? Reply/DM with alternative suggestions. Short VIX Futures Long VIX Puts/Spreads Short VIX Calls/Spreads Short SPX/SPY Volatility Listener questions and comments Question from Bixby -Do you think there will be an XIV 2 anytime soon? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 17.75 Mark S. - 28 Next week: Mark L. - 14.75 Mark S. - 13.15 Russell - 14.00

Volatility Review: A look back on the week from a volatility perspective A weird day in the markets, started with a massive selloff then ended unchanged. VIX cash - 22.5 VIX futures - super backward again VIX options: ADV - 1.05M, VIX call/put: 2.1 - Total 12.0m (8.15m Calls, 3.87m Puts) Goldman says options-market activity suggests pain ahead in these sectors Nearly half of 2017's Cryptocurrency 'ICO' Projects Have Already Died Volatility Voicemail: Options question of the week There's much debate about SVXY these days. Will it survive 2018? Is it poised for serious upside? We'll table those questions for now and instead ask all of you out there slinging SVXY. What is your weapon of choice? 63% - Naked Long SVXY 20% - Long SVXY Calls/Spreads 10% - Long SVXY Puts/Spreads 8% - Long SVXY w/ Put Hedge Listener questions and comments: Comment from Boris Ilyevsky - Maybe their FCM partners didn't give them a choice. SVXY UVXY Question from J3dingle - Hi Mark, Given that both RexxShares and ProShares have re-jiggered their Volatility ETPs, what are the odds that VXX does too? Thanks, Joseph Question from Tills - Any chance the recent changeup with SVXY is just to appease regulators. Maybe it will switch back later in the year? Comment from Volatility Analytics - SPX 37% of days this year have had a 1% change in SPX. Last year we had 8 total days. Comment from Ragin1234 - (RE: SVXY) XIV SVXY uneducated customers are to blame for not doing their due diligence. Comment from LLLC1 - I think the world just woke up to a new risk for vol products - "issuer panic risk". We all knew it was in the prospectus but now we've seen it materialize. I wonder how this will affect risk premiums in these products going forward. Comment from John Schryber - Those stocks got sold to cover the inverse leveraged trade. It's all connected. Passive funds are...passive. Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 16.75 Bill - 14 Mark S - 15 This week: Mark L. - 17.75 Mark S. - 28

Volatility Review: A look back at the week from a volatility perspective VIX Cash - 18.75 VIX Futures - The March future is very stubborn. VIX Options: ADV - 1.05M, VIX call/put: 2.3, Total 11.3m (7.76m Calls, 3.52m Puts) Goldman says options-market activity suggests pain ahead in these sectors Earnings: INTU, GDDY Volatility Voicemail: Options question of the week People are spooked about this market. Hedges are flying left and right. So the question remains: How are you hedging your portfolio right now? Metals: Gold, Silver, etc. VIX Calls / Volatility Index Puts (SPY, etc.) Bitcoin / Crypto Listener questions and comments: Comment from The Blacklist Blockchain Trader‏ - The uncorrelated one known as bitcoin Comment from Mark Clyde Brant - Palladium ITM calls! Comment from StockMarket Blue - Hedging strategies are actually unwinding in the bond market, causing turbulence in equities markets. Those "trading" in the stock market are flying blind without understanding the carry trade/currency hedging or oversupply of tender re system liquidity. Or the short-VIX unwind. Question from J3dingle - Hi Mark, VXX is delisting in January 2019 (with the new Barclay's ETN VXXB to take its place). What will happen to the Jan 2020 VXX options? Thanks, Joseph Question from Harryhood - @Options Are the $VXX puts premium dropping with the underlying because the VIX futures term structure is backward? Thanks Mark. Just heard "Mr Umbrage" discuss it on the last OB show. I'm the guy who sent you the Vermont umbrage license pic btw. Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 17.55 Mark S. - 16.00 Kevin - 19.00 This week: Mark L. - 16.75 Mark S. - 15.00 Bill - 14.00

Volatility Review: VIX Cash is back in the teens. Are VIX Futures returning to contango? Volatility's awakening spurs a record long position in VIX Futures. Kevin's Weekly Rundown: VIX Options: ADV - 983k, VIX call/put: 2.3, Total 10.6m (7.30m Calls, 3.26m Puts) The VIX Whale finally gets his payday The great inverse volatility ETP debate continues. Volatility Voicemail: Options question of the week It's been a rocky week for the markets. People are understandably scared and confused. That raises the question: Which product are you most concerned about over the next 30 days? Aka - which product would you not touch with a 10-foot pole? VIX SVXY SPY Bitcoin: XBT, BTC, etc. Listener questions and comments: Question from Volbug: Mark and friends, now that SVXY has been reset or beaten, would another big VIX surge day have the same impact on it? Thanks. Comment from Pete Yarbro‏ - I feel like I have a better understanding of $VIX, $VX and the volatility ETFs than some very high profile stock market commentators, and all I do is listen to a podcast. @Options @OptionPit @OptionVol Comment from Dog Shogun - Vol Views rules Comment from Olivetrader2 - It's amazing what you can learn from podcasts. I am not sure I want to tell everybody though Crystal Ball: Back to wild and reckless prognostication Next week: Mark L. - 17.55 Mark S. - 16 Kevin - 19

Volatility Review: The great inverse volatility ETP debate continues. Are they "Frankenproducts" that shouldn't exist? Or are they performing as advertised, but the investing public simply doesn't understand them? Maybe there's a third camp? VIX Cash: Spiked to 46.34 on Tues - Quite possibly the craziest week in VIX history. Kevin's Weekly Rundown VIX Options: ADV - 983k, VIX call/put: 2.8 Commodity Volatility Bitcoin has been moving in lockstep with the market. Volatility Voicemail: Volatility flash poll XIV is headed to the graveyard. But, as of this writing, $SVXY is still trading. Do you still have confidence in this product? Quite simply - do you think $SVXY will still be trading at the end of the year (12/31/18)? Yes No I'm hiding under the bed Options question of the week: VIX is moving like crazy today day. It's already blown past 23 and is threatening 35. So let's dial up our $VIX threshold for extra #ZombieApocalypse fun. You buying or selling these levels? Quite Simply: Where will $VIX close on Friday? Crazy Town: 30-35 ZombieApocalypse: >35 Crazy: 25-30 Mildly Crazy: Listener questions and comments: Question from Chris T - The most I can lose buying SVXY is the price I pay, correct? So can I buy it around 10 and treat it like a lotto ticket call? Comment from Scott Somer - Another day another day with a very large sell off heading into the start of the Option Block and an up move in the S&P Futures during the "Trading Block" #OptionInsiderRadio #OptionBlock #GreasyMeatball #RockLobster Question from Lamina - $VIX cash is trading above the futures right now. How is that possible? Isn't the cash value derived from the futures?

Today, we feature special guest co-host, Don Dale, Managing Member at Equity Risk Control Group. Volatility Review: A look back at the week from a volatility perspective. VIX Cash: Hit nearly 15.50 this week Yet another crazy week Russell's Weekly Rundown VIX Options: ADV - 777k, VIX call/put - 3.9, Total 13.7m (10.9m Calls, 2.78m Puts) Earnings Volatility: This season's theme is underperforming. FB, MSFT, AAPL, GOOGL & AMZN Volatility Voicemail: Listener questions and comments Question from ILM78 - It seems like the volatility space is dominated by Canadian pension funds. Why is that the case? How's the volatility landscape for U.S. pension and hedge funds out there? Do U.S. pension funds trade a lot of VIX options or OTC? Crystal Ball: Where will the VIX close on Friday? Last week: Mark L. - 9.55 Andrew - 13.25 Kevin - 10.50 Matt - 10.15 Mike - 9.99 Next week: Mark L. - 13.50 Mark S. - 14.00 Russell - 15.67 Don - 17.50 Volatility Views 292: Earnings Volatility, plus VIX Whale Returns Today, we feature special guest co-host, Don Dale, Managing Member at Equity Risk Control Group. Volatility Review: A look back at the week from a volatility perspective. VIX Cash: Hit nearly 15.50 this week Yet another crazy week Russell's Weekly Rundown VIX Options: ADV - 777k, VIX call/put - 3.9, Total 13.7m (10.9m Calls, 2.78m Puts) Earnings Volatility: This season's theme is underperforming. FB, MSFT, AAPL, GOOGL & AMZN Volatility Voicemail: Listener questions and comments Question from ILM78 - It seems like the volatility space is dominated by Canadian pension funds. Why is that the case? How's the volatility landscape for U.S. pension and hedge funds out there? Do U.S. pension funds trade a lot of VIX options or OTC? Crystal Ball: Where will the VIX close on Friday? Last week: Mark L. - 9.55 Andrew - 13.25 Kevin - 10.50 Matt - 10.15 Mike - 9.99 Next week: Mark L. - 13.50 Mark S. - 14.00 Russell - 15.67 Don - 17.50

On today's show, a rowdy cohort of crazies, including: Mark Sebastian, Option Pit Matt Thompson, Typhon Capital Mike Thompson, Typhon Capital Kevin Davitt, CBOE Volatility Review: A look back at the week from a volatility perspective VIX Cash is firmly back in the double digits. Kevin's Weekly Rundown VIX Options: ADV - 744k, VIX call/put - 4.1, Total 12.0m (9.65m Calls, 2.34m Puts) Earnings Volatility: Netflix, Intel and Starbucks. Volatility Voicemail: Options question of the week Since we're down at #InsideETFs this week we thought we'd make our #Options #QOTW about #ETFOPTIONS. Quite simply - what is your favorite ETF/ETP #option to trade? $SPY $GLD $VXX Other (reply w/answer) Listener Questions and Comments: Question from Cat65 - Are there other vol futures out there aside from VIX? Question from Charlie C - Quick Q for the show - What's the weirdest thing you've seen in the options market? Crystal Ball: Wild and reckless prognostication Last week: Russell: 11.99 Matt: 11.5 Mark S.: 10 Mark L. 10.55 This week: Mike: 9.99 Matt : 10.15 Mark S.: 13.25 Mark L.: 9.55 Kevin: 10.5

Volatility Review: Government shutdown moves the market going into the weekend. VIX cash is firmly back in the double digits. Russell's Weekly Rundown: ADV - 746k, VIX call/put - 4.6, Total 10.1m (8.29m Calls, 1.82m Puts Looking back on the VIX whale from last Wednesday. Earnings volatility this week. January has been a rough month for Bitcoin. Volatility Voicemail: Options question of the week. Bitcoin futures are currently trading around $11,500. If options existed, how would you trade them? Assuming one-month to expiration would you...? Buy 5% OTM Call Buy 5% OTM Put Sell 5% OTM Covered Call Just Short the Future Listener questions and comments: Comment by TradingProverbs - "More money has been lost trying to anticipate and protect from corrections than actually in them." - Peter Lynch Crystal Ball: Government shutdown related prognostication Last week: Mark L. - 9.55 Andrew - 9.95 Kevin - 9.75 This week: Mark L. - 10.55 Mark S. - 10.00 Russell - 11.99 Matt - 11.50

Volatility Review: It's been a good year for VIX at CBOE - No Vol = No problem. Return of the VIX Whale - 2.87M on Wednesday. We finally have the COT Reports for Bitcoin. Kevin's Weekly Rundown: VIX Options: ADV - 668k VIX call/put - 4, Total 12.9m (10.3m Calls, 2.52m Puts) Volatility Voicemail: Options question of the week. Another ";easy"; one to help kick off the New Year. Quite simply - which name are you looking forward to trading Options on during the upcoming earnings season? Your fav not here? Choose ";Other"; and send it in. Best will be shared on the Option Block. Apple (AAPL) Tesla (TSLA) Amazon (AMZN) Other Listener questions and comments: Question from RDuffGordon - My wife reads all of the ";intel"; letters, and told me tonight that CEO's are resigning in droves. The best way to see if this is valid or probable would be a sudden burst of buying of insider puts. Is there such a reporting requirement for, Insiders or recent EX - higher ups which i would expect the sec to require - but all we hear is insider stock ratios etc., but the long put, after 23 years of on floor trading is the ";no brainer"; thing to buy - if one is fairly certain the stock chosen was going to go down, because the 98% winners who risk the entire economy when they sell short puts with abandon need to buy them back one day at a volatility no one could believe ahead of time, as in right now. The insider who quits AAPL may buy puts on Amazon so as to go under the radar. Major sells perhaps on other stocks where the insider who quit quickly knows of another big player(s) who HAS to quit. Finally, what about insiders in or recently of a company buys calls in the VIX? Does that get reported? How long after resigning from a company have to report? I suppose as long as he is above 5 percent of the company he resigned from? THX much- I should know all of this- and that it is perhaps conspiratorial. Crystal Ball: Your prognostication headquarters Last week: Mark L. - 9.25 Mark S. - 9.57 Russell - 9.79 This week: Mark L. - 9.55 Andrew - 9.95 Kevin - 9.75

Volatility Review: Looking back on the top five Volatility Views episodes of 2017. VIX Cash is back in the single digits again. Russell's Weekly Rundown VIX Options: ADV - 668k, VIX call/put - 3.9, Total 10.8m (8.52m Calls, 2.26m Puts) Commodities: Volatility is low but ambiguity is sky high. CBOE files to list 6 bitcoin ETFs after being first major exchange to trade cryptocurrency futures. Happy 9th Birthday to Bitcoin Volatility Voicemail: Listeners have their say 2017 was the "Year that Volatility Died". So our 1st #QOTW for 2018 is a puzzler. Quite simply - where do you think $VIX will close at the end of the year? 14% - Between 7.5-9.99 35% - Between 10- 12.49 14% - Between 12.50 -14.99 37% - Above 15 Crystal Ball: Wild and reckless prognostication. Last year's 2017 VIX predictions: Mark L. - Avg 15.50, low 10, high 34.5 Russell - Avg 17.50, low 12.50, high 37 Mark S. - Avg 15, low 10.50, high 24 Next year VIX close at end of 2018: Mark L. - 17.25 Mark S. - 11.01 Kevin - 14.04 Next week: Mark L. - 9.25 Mark S. - 9.57 Russell - 9.79

Volatility Review: A look back at 2017 from a volatility perspective. VIX cash was back in double digits, briefly. Kevin's Weekly Rundown: VIX Options: ADV - 672k, VIX call/put - 4, Total 9.78m (7.83m Calls, 1.94m Puts) Looking back on the 2017: The year without volatility. Which trades stood out to you in 2017? CBOE files to list 6 bitcoin ETFs after being first major exchange to trade cryptocurrency futures. Crystal Ball: Your prognostication headquarters Last week: Mark L. - 9.65 Andrew - 8.99 Russell - 9.25 Where will VIX close at the end of 2018? Mark L. - 17.25 Mark S. - 11.01 Kevin - 14.04

Volatility Review: Looking back on 2017, the year without volatility. VIX has been under 10 for about 45 days this year, and under 12 for a little over 200 days. The numbers: VIX Cash - 9.56 VVIX - 92 CBOE Skew Index - 132.5 Russell's Weekly Rundown: VIX Options: ADV - 721k VIX call/put: - 4, Total 9.38m (7.51m Calls, 1.88m Puts) Commodities: Volatility is low but ambiguity is sky high. Volatility Voicemail: Options question of the week. Now it's a party! Bitcoin futures are live on both CME Group & CBOE. But everyone's asking us the $1M question - "When will we get Bitcoin Options?" So we thought we'd ask you: When will we be able to trade options on these futures? Q1 2018 Q2 2018 Q3 2018 Q4 2018 Listener questions and comments: Comment from FContangotrader - You should call #optionblockchain... forget Bitcoin, if you short $vxx since 2011 now you own an island at the Bahamas, if you own gamma and hedge with vol products, now you own 2 islands. Question from Javier - Is there a Bitcoin VIX from the CBOE? Question from JediGuy - What were your favorite volatility events and trades from 2017? Question from Taj Penaso - Hi, will there be options for bitcoin once the futures are traded?? Or just the futures until there are tradeable ETFs available? Thanks Crystal Ball: Wild and reckless prognostication Last week: Mark S. - 10 Russell - 9.74 Bill - 8.99 This week: Mark L. - 9.65 Andrew - 8.99 Russell - 9.25

Volatility Review: Tyler and Cameron Winklevoss discuss Bitcoin and Bitcoin Futures at FIA Asia. CBOE Benchmark Index discussion. CBOE Bitcoin futures surge 8% Friday, head for winning first week The numbers: VIX Cash - 9.79 VVIX - 92.77 CBOE Skew Index – 131 Russell's Weekly Rundown VIX Options: ADV - 737k, VIX call/put - 3.6, Total 13.6m (10.7m Calls, 2.99m Puts) Volatility Voicemail: Listener questions and comments Question from Alvanot - Can you trade the VIX index itself? Not the futures. Question from The Financial Grynch‏ - Do you REALLY reckon long options is profitable? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 9.75 Mark S. - 9.15 Ghost of Russell - 35 Bill - 10 This week: Mark S. - 10 Russell - 9.74 Bill - 8.99

Volatility Review: This week we are featuring guest co-host Bill Valentine of Valentine Ventures. The numbers: VIX Cash, VVIX - 96, CBOE Skew Index – 131 VIX Options: ADV - 758k, VIX call/put: 3.6, Total 12.7m (9.95m Calls, 2.79m Puts) Bitcoin launching on 12/10. Question from Tortega - Not a vol question, but what's the deal with the Bitcoin futures and the Gemini index they are based on? Volatility Voicemail: Options question of the week The war for #Bitcoin #Derivatives is heating up again. CME Group is launching futures on 12/18. CBOE just announced a 12/10 launch date. Not enough? Nasdaq also announced futures w/ for a planned Q2 2018 launch. With so many choices-How will you trade #Bitcoin in 2018? 52% - CBOE Futures 12/10 27% - CME Futures 12/18 3% - Nasdaq Futures Q2 2018 18% - "Old School" Bitcoin Listener questions and comments: Comment from Mark Clyde Brant - Who is listing options first? Probably CBOE! But Chicago is taking control of BTC exactly as Al Capone took control of booze distribution. He taught the city well! Question from NomNom - I was excited about #bitcoin but this is giving me pause. Crystal Ball: Wild and reckless prognostication. Last week: Mark L. - 10.25 Mark S. - 11.25 Russell - 42.5 This week: Mark L.- 9.75 Mark S. - 9.15 Bill - 10.0 Ghost of Russell - 35

Volatility Review: A look at the week from a volatility perspective. The numbers: VIX Cash - back above 12, briefly VVIX - 90 CBOE Skew Index - 131 VIX Options: ADV - 725K, VIX call/put: 3.7, Total 11.2m (8.68m Calls, 2.56m Puts) VXX - 32 XIV - 109.58 Volatility Voicemail: Options question of the week SPY always dominates the Options volume charts. But what do you think people are actually trading in SPY? Take a guess at the Top OI position in SPY right now. No cheating (or checking with your broker) - use your grey matter & your "gut" to pick the right one. Jan 262 Call Dec 2019 150 Put Dec 280 Call Jan 240 Put Listener questions and comments Question from FContangotrader - I think we have a winner today in TA of $VIX world. Question from CConden - Looks like the winning trade for past few years has been rolling short VIX front month future with a protective call kicker should the worst come to pass. I'm stuck on the call kicker strike. What is the ideal strike/month combo for max gain with protection against apocalypse? Don't want to pay too much for call but also don't want to get run over by the VIX train. Question from Mantauk - What is the actual implied volatility of bitcoin? Question from VonBaron - Seems like Whaley doesn't think people get his creation like they should. Whaley: I don't think people understand it as well as they should. The VIX doesn't trade. It's just a number produced from these 250 S&P 500 option prices. But what does trade are the VIX futures and the VIX options, which are related to VIX but in a strange way. Where VIX is the volatility over the next 30 days, VIX futures is the expectation of the volatility 30 days from now. Those two series don't behave like one another, in fact quite differently. VXX is incredibly actively traded. Would I have thought it would be this actively traded? No, but it is. I think the VIX futures index is particularly staggering. It probably trades more shares in a day than Microsoft. If you look at the turnover ratio, you'll find that it's a huge number. If people were just buying and holding, that number would be much lower. Crystal Ball: Your prognostication headquarters Last week: Mark L. - 9.75 Mark S. - 9.99 Russell - 10.59 This week: Mark L. - 10.25 Mark S. - 11.25

Black Friday should not keep you from enjoying your favorite volatility podcast.

Volatility Review: A look back at the week from a volatility perspective The numbers: VIX Cash - Back above 12, briefly Bitcoin vs. VIX - What Has Been More Volatile in 2017? VVIX - 100.15 CBOE Skew Index - 136 Russell's Weekly Rundown VIX Options: ADV - 739k, VIX Call/Put - 3.7, Total 9.69m (7.64m Calls, 2.05m Puts) FINRA Orders Wells Fargo to Pay $3.4M over Volatility-Linked ETPs Volatility Voicemail: Stream of consciousness questions and comments Question from Andrew Giovinazzi‏ - Why is the rock lobster so handsome? Comment from David - $VXX is clearly the worst ETF. It has destroyed pretty much all of the value invested in it since inception. Or does that make it the best if you're short? Comment from OphirGottlieb - $VIX hello, friend. I've missed you. You appear to want to stay this time. @Options @RussellRhoads Comment from SaqibReports - Shhh. You will scare it away! Question from Lonesome - Could you tell us the process of how options market makers mitigate risk/remain delta neutral? Crystal Ball: Wild and reckless prognostication. Last week: Mark L. - 9.65 Mark S. - 9.99 Russell - 9.15 This week: Mark L. - 9.75 Mark S. - 9.99 Russell - 10.59

Volatility Views 280: Tapping the Secret Sources of VIX Info Volatility Review: A look back at the week from a volatility perspective VIX cash: VIX briefly flirted with 12 VVIX: 98.5 - 7 points higher than last week CBOE SKEW Index: 129 - 8 points higher than last week VXN: 15.04 - .5 points higher than last week Russell's Weekly Rundown: VIX Options: ADV - 758k Thurs - 1m Weds - 632k Tues - 899k Mon - 442k VIX call/put: 3.8 - Russell is nervous Hot VIX strikes 710842 .VIX Dec 20th 25.0 C, chg +67163 515136 .VIX Dec 20th 15.0 C, chg -1377 400697 .VIX Nov 15th 20.0 C, chg +5029 372447 .VIX Dec 20th 12.0 P, chg +829 334283 .VIX Nov 15th 21.0 C, chg -5413 308546 .VIX Dec 20th 22.0 C, chg +4167 263899 .VIX Nov 15th 17.0 C, chg +11157 240963 .VIX Dec 20th 20.0 C, chg +7087 226612 .VIX Nov 15th 15.0 C, chg -3270 222571 .VIX Dec 20th 17.0 C, chg +4591 Total 12.7m (10.1m Calls, 2.61m Puts) VXX: 34 - almost unchd from last week Top VXX positions 114719 VXX Jan19 10.0 P, chg +22 75429 VXX Jan 10.0 P (Nonstd VXX2), no chg 75157 VXX Jan19 5.0 P (Nonstd VXX2), no chg 60900 VXX Jan 5.0 P (Nonstd VXX2), no chg 55450 VXX Jan 5.0 P (Nonstd VXX1), no chg 55150 VXX Mar 24.0 P, chg +408 49560 VXX Jan 7.0 P (Nonstd VXX2), no chg 46458 VXX Nov 38.0 C, chg -1763 43537 VXX Jan 20.0 C (Nonstd VXX2), no chg 43457 VXX Jan 8.0 P (Nonstd VXX2), chg +6 Total 3.88m (1.78m Calls, 2.10m Puts) Volatility Voicemail: Listener questions and comments Options question of the week: Trading #Options during #Earnings is a coin flip. But you know you love to do it. What's your #Earnings #Options MO? Buy Calls/Call Spreads Buy Puts/Put Spreads Sell Puts/Put Spreads Fly/Iron Fly/ Iron Cond. Listener questions and comments Comment from TMal: Big options sell firm gain AUM as they do well. They are another "natural seller" of options (weekly and monthly). Question from Chris Thomas: Hey guys. Trading a long calendar on VIX is a bad idea in that what you pay isn't the max loss. It's possible for the closer expiration to experience a larger move than the back month and thus you can lose more than you make? I believe I understand that correctly so my actual question is, is this true for SVXY and VXX? Thanks for imparting your knowledge so us plebeians can learn. Question from Encinoj: Here's my time strangle trade idea for VIX. Buy 1-2 yr VXX 20% OTM puts and also buy approx. 3 mth. 20% OTM VIX calls. Crystal Ball: Wild prognostication ensues Last week: Andrew: 9.99 Russell: 8.95 Mark L: 9.55 This week: Mark S.: 9.99 Russell: 9.15 Mark L.: 9.65

Volatility Review: A look back at the week from a volatility perspective. The Numbers: VVIX - 91.5 CBOE Skew Index - 136 VXN - 14.7 Russell's Weekly Rundown VIX Options: ADV - 833k, VIX Call/Put - 3.9, Total 11.7m (9.37m Calls, 2.37m Puts) Earnings Volatility: Apple, Facebook, Tesla Commodity Volatility: Crude/OIV, Gold/GVZ Volatility Voicemail: Listener questions and comments Comment from Don S: :Ah, if you had called me for the last VV, I would have regaled you with stories from the Morgan Stanley trading desk about Black Monday. But none would have been better than the one of my buddy and colleague, Peter, who in August 1987 decided that the market was overdone and invested $20,000 of his own money in OTM SPX November puts. Those options, which were 1/8 before the crash, went to $50, and his $20,000 turned into 400 times that, or ... wait for it! ... $8 million! Ah, the good ol' days. :-) Don Question from Hawkeye - To ye merry band of Magical Voice, grease laden Meatballs, favorite Uncles, and Lobsters with Tubs of butter: I already get that SVXY, XIV, and other short ETF/ETNs can go bust overnight due to the front 2 futures doubling. What would happen if I held long SVXY puts in an IRA and the fund had to close because the SHTF? How would I exercise them if the fund doesn't trade? I can't cover due to underlying frozen, but I can't exercise without covering because that would put me short in an IRA? Or would they still allow it as an exception? How would it all unwind? Thanks for all you guys keeping me learning, laughing, and most of all, thinking. Your longtime listener - Hawkeye Crystal Ball: Wild and reckless prognostication. Last week: Mark L. - 9.65 Mark S. - 10.16 Ophir - 9.8 Ghost of Russell - 38.3 This week: Mark L. - 9.55 Andrew - 9.99 Russell - 8.95

Volatility Review: A look back at the week from a volatility perspective. VVIX - 97.73 CBOE Skew Index - 135 VIX Options, ADV - 852k, VIX Call/Put - 4 Total 10.8m (8.65m Calls, 2.19m Puts) Earnings: CMG, Twitter, Amazon, Google and Microsoft Volatility Voicemail: Options question of the week. It looks like you all REALLY want after-hours #Options trading. The question now - what is the best way to make it happen? 24% - Pilot For Earnings Season 52% - Top Names Only -$AMZN,etc 21% - Basic Limit Order Book 3% - Other - Reply/DM w/answer Listener questions and comments: Comment from j3dingle - Dear Mark Longo, Long time listener (at least a year or two, so maybe not that long!), first time emailer. I would guess I'm not the first to suggest this, but have you considered some excerpt of some rendition of "On Top of Spaghetti" for Mark Sebastian's theme song? Looks like the song even has some Chicago heritage: https://en.wikipedia.org/wiki/On_Top_of_Spaghetti In 30 seconds of you-tubing, I found Biondi's version which is pretty "good": https://www.youtube.com/watch?v=Mu4EiTJNP1k Oh, the dreams/nightmares one has on a Sunday night slumber! Crystal Ball: Wild and reckless prognostication. Last week: Mark L. - 9.65 Mark S. - 10.16 Russell - 9.87 This Week: Mark L. - 9.65 Mark S. - 10.16 Ophir - 9.80

Volatility Review: A look back at the week from a volatility perspective. Black Monday. Happy 30th Birthday to Volatility Skew! The numbers: VIX - 93.33 CBOE Skew Index - 146 VXN - 14.64 Russell's Weekly Rundown: VIX ADV - 876k VIX call/put - 4.1 VXX - 34.39 XIV - 105.87 Volatility Voicemail: Options question of the week Earnings Season is here! Which name do you plan to trade most actively this cycle? 27% - Tesla - $TSLA 34% - Amazon - $AMZN 23% - Apple - $AAPL 16% - Alphabet - $GOOGL Listener questions and comments: Comment form MoneyEngine X3.5 - Buying CVS calls. Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 9.55 Mark S. - 10.25 Ghost of Russell - 28 Kevin - 10 This week: Mark L. - 9.65 Mark S. - 10.16 Russell - 9.87

Volatility Review: A look back at the week from a volatility perspective Secrets To The Hottest Trade - Shorting VIX The Numbers: VIX - Hit a low of 9.13 on Oct. 5 - still flirting with single digits. VVIX - 97.79, CBOE Skew Index - 146, VXN - 14.33 Kevin's Weekly Rundown VIX Options: ADV - 868k, VIX Call/Put: 3.8 Total 13.4m (10.6m Calls, 2.77m Puts) VXX - 35.97, XIV - 105.87, UVXY - 17.36 Volatility Voicemail: Options question of the week Earnings Season is almost upon us! What's your favorite way to trade earnings using #Options? Reply/DM/email with others. Sell Strad./Fly/Condor Buy Strad./Fly/Condor Sell Puts/Put Spreads Buy Calls/ Call Spreads Crystal Ball: Your VIX prognostication headquarters Last week: Mark L. - 9.65 Mark S. - 10.01 Russell - 10.31 This week: Mark L. - 9.55 Mark S. - 10.25 Kevin - 10.00

Volatility Review: A look back on the week from a volatility perspective. VIX Cash - A low of 9.13 on Oct. 5 VVIX - 91.79, CBOE Skew Index - 140 Russell's Weekly Rundown Fed Survey on Firm Uses of Equity Volatility, By Russell Rhoads, CFA VIX Options - VIX Call/Put: 3.7, Total 12.0m (9.44m Calls, 2.52m Puts) VXX - 37.95, XIV - 100.57 Volatility Voicemail: Options question of the week Break out your #VOLATILITY #CRYSTALBALL: $VIX is at new lows. Is an 8 $VIX looming or is this just a blip? Where will $VIX close Friday 10/6 Right Here: 9-9.30 Lower: Slightly Higher: 9.3-9.60 Much Higher: > 9.6 Listener questions and comments: What's on your mind? Question from Gunjan Banerji‏ - What were the hot $VIX strikes this past week? Question from PBiggers - What strategy will long vix while minimizing contango? Comment from FContangotrader - I took personal loan and i bought vxx put spreads long term while I'm long some gamma on $spy, speaking of crazy. Question from Lenz - When is the CBOE Asia conference? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 9.7 Andrew - 9.99 Russell - 9.42 This week: Mark L. - 9.65 Mark S. - 10.01 Russell - 10.31

Volatility Review: A look back at the week from a volatility perspective 6% IV, all aboard! The numbers: VIX Cash - low of 9.55 on Thursday. VVIX - 94 CBOE Skew Index - 133 Russell's Weekly Rundown: VIX Options: ADV - 813k, 2.6M on Monday! VIX call/put, Total 11.4m (8.92m Calls, 2.48m Puts) OIV - 26.53 Volatility Voicemail: Listeners have their say Question from LL08 - Crazy! Is this true? Question from Tech Coleslaw - Can you talk a little bit more about ZIV and mid-term Vol? One of our listeners is running for Congress - @RogerBarone @OPTIONS More voices are better than less. Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 9.75 Mark S. - 11 Russell - 10.10 This week: Mark L. - 9.2 Andrew - 9.99 Russell - 9.42

Volatility Review: A look back at the week from a volatility perspective The numbers: VIX Cash - A low of 9.54 on Thursday VVIX - 92 CBOE Skew Index - 137.87 'False Peace' for Markets? A Trader Is Betting Millions on It Russell's Weekly Rundown: VIX Options - ADV: 813k, VIX call/put: 3.5 Total 9.96m OIV - 26.53 Volatility Voicemail: Listeners take over the show Volatility Views/TWIFO Flash Poll: With $SPX #Volatility -aka $VIX- in single digits where are you getting your index vol fix these days? Russell 2000: $RVX, $IWM Dow: $DJIA, $VXD, etc. NASDAQ: $QQQ, $VXN, etc. Buying $VIX for rebound. Listener questions and comments Question from Swatcat - Which instruments are there that are very liquid, if you are going long VIX? I have found one so far, ticker: VIXY / Nordic options trader Question from TicTac - You guys said it's not a good time for vix front spreads. Why not? Question from LA Town - Your call for worst Vol ETF? Crystal Ball: Your prognostication headquarters Last week: Mark L. - 11.5 Mark S. - 11.01 Russell - 12.25 This week: Mark L. - 9.8 Mark S. - 10.5 Russell - 11.11

Volatility Review: A full overview of CBOE RMC Europe. The numbers: VIX Cash - a high of 11.10 on Monday. VVIX - 92 CBOE Skew Index - 142.74 Russell's Weekly Rundown: VIX Options - ADV: 813k, VIX Call/Put 3.1; Total 13.7m (10.4m Calls, 3.28m Puts). OIV - 26.34 Volatility Voicemail: Listener Questions and Comments Options question of the week: First #Harvey, then #Irma, now #Jose & more. We prep houses/cars/family for #disasters. How do you prep your portfolio? Get Long $VIX/$VXX/$UVXY Go To Cash/T-bills Buy Index/Stock Puts "Risk Assets" - Gold, etc. Listener Questions: Question from Volbug: You mentioned on the show that our twins (XIV & SVXY) could go to zero if there is a big enough spike in vol. Would you and the crew be able to take a guess at what level of vol action would result in such a occurrence? Second question is, wouldn't such a spike send equities out the window also? As always, thanks for the show. Question from PBiggers - Time to go long VIX? Sell some EFX premium? Some skew in there. IV is at a 52 wk high. Liquidity is sketchy. Crystal Ball: Your prognostication headquarters Last week: Mark L. - 11.5 Mark S. - 11.01 Russell - 12.25 This week: Mark L. - 9.8 Mark S. - 10.5 Russell - 11.11

Volatility Review: A look back at the week from a volatility perspective Shortened holiday week hit with a never-ending parade of hurricanes Don't forget North Korea Oh, and the President Bonds are screaming August options volume is strangely high. So much for vacationing for the month VIX up into the 12-handle. Will it hit the low teens? VIX Cash: High of 14.06 on Tuesday VVIX: 99 CBOE SKEW Index: 135.39 - 5 points higher than last week Russell's Weekly Rundown: Will people start using weekly options on Monday for the upcoming week's risk? CME Fed tool has next potential rate hike at next August, and only 50-50 Why are people buying vol into the weekend? VIX Options on this short week: ADV - 796K; Thurs. - 894K; Weds. - 603K; Tues.- 1.16M; Mon. - Closed. VIX Call/Put: 3.4 Hot VIX Strikes: 635482 .VIX Oct 18th 25.0 C, chg +4681 460502 .VIX Sep 20th 20.0 C, chg -6238 414217 .VIX Oct 18th 12.0 P, chg +13048 376664 .VIX Oct 18th 15.0 C, chg -70943 285530 .VIX Sep 20th 18.0 C, chg +3297 268153 .VIX Sep 20th 21.0 C, chg -14404 265517 .VIX Sep 20th 23.0 C, chg -1246 259376 .VIX Sep 20th 17.0 C, chg -226 251586 .VIX Sep 20th 19.0 C, chg +1678 249889 .VIX Oct 18th 20.0 C, chg -149520 Total 12.5m (9.43m Calls, 3.03m Puts) Volatility Voicemail: Listener Questions and Comments Options Question of the Week: As Q4 looms, where are you placing your bullish #Volatility bets? Which has most #Upside by end of 2017? $VIX $AMZN #WTI $GVZ Gold Volatility Crude Oil Volatility S&P 500 Volatility - VIX Single Names - $AMZN, etc Listener Questions: Question from Elbu: Seems like everyone is jumping on the short $VIX bandwagon these days. Since when does the NYT cover volatility trading? RE: this article - Day Trading in Wall Street's Complex "Fear Gauge" Proliferates Question from Elly: What's the ideal month/strike combo when buying puts on VXX? 6 months / 25% OTM? Crystal Ball: Wild and reckless prognostication Where do the hosts think the VIX will close next week? Last Week Mark L.: 10.15 Mark S.: 10.65 Russell: 11.11 This Week Mark L.: 11.5 Mark S.: 11.01 Russell: 12.25

Volatility Review: A look back at the week from a volatility perspective. The numbers: VIX Cash - 10.59, VVIX - 94.86 CBOE Skew Index - 130.5 Russell's Weekly Rundown: VIX Options: ADV - 785k, VIX Call/Put - 3.3 Total 12.0m (9.24m Calls, 2.76m Puts) OIV - 28.29 OVX - 28.37 Volatility Voicemail: Options Question of the week: Let's get cheap! If you had to buy "lottery ticket" December calls for $.05 in one name - which would you choose? #HomeRun AMZN AAPL Tesla VIX Listener Questions and Comments: Question from JC - What am i missing? If VXX erodes why does anyone buy it? Question from Simyan - So I should just short VXX into the dust? Is that the deal? Question from Nils - So if the max length between splits is 3 years, and the minimum split price is $10 - aren't the Jan 2019 20 puts for $2 a screaming deal? Question from TimTim - Do any other Vol products exhibit this erosion? Crystal Ball: Wild prognostication Last week: Mark L. - 11.75 Mark S. - 11.00 Russell - 10.80 This week: Mark L. - 10.15 Mark S. - 10.65 Russell - 11.00

Volatility Review: A look back at the week from a volatility perspective. The numbers: VIX Cash - 12.33, a high of 14.45 on Monday. VVIX - 100 CBOE Skew Index - 130 Russell's Weekly Rundown VIX Options: ADV - 764k, VIX Call/Put - 3.4, Total 11.5m (8.88m Calls, 2.66m Puts) VXX reverse split trade Volatility Voicemail: Listener questions and comments Comment from JLC - That $VIX 60 guy is just nuts. He's just trying to make a name for himself with that prediction. $SPX wld need to drop over 10% to be right. Question from FContangotrader - What is your thought on $VIXH? Maybe every episode you can give an intro into various Vol ETN and ETF. Thanks and keep with good work Comment from FContangotrader - Mark Sebastian, so how do you hedge your gamma and your mother in law? Crystal Ball: Wild and reckless prognostication Last week Mark L. - 13.55 Mark S. - 12 Kevin - 18.25 Guest - 14.30 This week Mark L. - 11.75 Mark S. - 11.00 Russell - 10.80

Volatility Review: Featuring guest co-hosts Kevin Davitt from the CBOE Options Institute and Matt Amberson from ORATS. The market fear gauge could quintuple by Halloween, strategist warns The numbers: VIX Cash - a high of 15.77 this week, VVIX - 117.77 CBOE Skew Index - 142.73 Russell's (Kevin's) Weekly Rundown: VIX Options - ADV: 706k, VIX Call/Put: 3.6 Total 10.6m (8.26m Calls, 2.37m Puts) OIV - 27.77, OVX - 28.94 Volatility Voicemail/TWIFO Flash Poll: Which major index has experienced the largest % change in 30-day ATM #Volatility year-to-date? S&P 500 Nasdaq 100 Dow Russell 2000 Listener Questions and Comments: Question from Tosaw's client: I have an options question regarding VIX and I cannot seem to find the answer. Is there a way to determine the incremental change in an a SPY option price as the VIX moves? For example, if VIX moves 10% does that mean that the extrinsic value of the SPY option should be 10% more expensive? I checked the 30 day SPY option thinking that the IV of the option would map to VIX in some way, but clearly that is not the case (I could be looking in the wrong spot). I have seen qualitative examples of this, but not quantitative. Is there a formula? (Modified Black-Scholes?) Not sure if you are okay with me sending you questions, I can send this to the Option Block or Volatility Views if that is more appropriate. I would imagine you have many clients to deal with. Thanks Question from Richard D - I was wondering if Mark S or Andrew ever tried VXX/UVXY pair type trades, intra-day or longer? Meaning capturing fluctuations in the prices of VXX and UVXY via options by taking some put type spread in one and a call spread in the other when the ratio of the prices look out of whack? Or is this a trade the big financial firms already do thus there is no edge there? Crystal Ball: Where do the hosts think VIX will close on Friday? Last week: Mark - 12.55 Andrew - 12.01 Russell - 13.5 Guest - 10.5 This week: Mark L. - 14.55 Mark S. - 12.00 Kevin - 18.25 Matt - 14.30

Today we feature guest co-host Bill Valentine from Commodore Fund Volatility Review: A look back at the week from a volatility perspective The numbers: VIX Cash - 16.17 up over 40%, VVIX - 135.32 CBOE Skew Index - 136.48, VXN - 14.2 VIX Options ADV - 676k Russell's Weekly Rundown: Earnings Volatility: DIS, NVDA & SNAP Volatility Voicemail: Listener feedback Volatility Flash Poll: $VIX Hit 16.17 Thursday. Is this the end of low #Volatility? Or a temporary blip? Which level will $VIX hit first? Serious Vol - 20 Single Digits - 10 Heck with It- I'm In Cash Listener qusetions: Question from Jax - What does today's VIX move mean for XIV? Will this blow them out? Crystal Ball: Wild prognostication Last week: Mark L. - 9.75 Mark S. - 10.75 Russell - 10.25 This week: Mark L. - 12.55 Andrew - 12.01 Russell - 13.50 Bill - 10.50

Volatility Review: A look back at the week from a volatility perspective VIX Cash & VVIX CBOE Skew Index Russell's Weekly Rundown: VIX Options ADV - 661k; Total 11.7m (9.28m Calls, 2.41m Puts) Earnings Volatilty: AAPL earning after the bell on Tuesday - TSLA earning Wednesday. Volatility Voicemail: Listener questions and comments Question from Market_Maker - If XIV runs out of money do investors lose there investment? Are they insured against this? Question from Richard D - Just wondering, as an Italian-American myself, why do so many Italian-Americans seem to end up in the options business? Crystal Ball: Our VIX predictions Last week: Mark L. - 9.75 Andrew - 10.25 This week: Mark L. - 9.75 Andrew - 10.75 Russell - 10.25

Volatility Review: A look back at the week from a volatility perspective The Numbers: VIX Cash back in double digit territory. VVIX - 86.87 CBOE Skew Index - 130 VIX Options - ADV: 653k, VIX Call/Put: 3.9/ 1; Total 10.4m (8.23m Calls, 2.13m Puts Traders 'Shocked' by VIX Bet That Could Pay $265M. Bond Trader's $10 Million Volatility Bet Is Paying Off Earnings Volatility: Monday: Alphabet opened down nearly 2%, Low of 963. Tuesday: Chipotle opened up approx. $6.50, then plummeted $15 Wednesday: Facebook opened up $8.87, traded up as high as $9.88. Thursday: Amazon ATM straddle approx. $49 Crystal Ball: What does the future hold for the VIX? Last week Mark L. - 10.25 Russell - 9.76 Mark S. - 10.04 This week Mark L. - 9.75 Andrew - 10.25

Volatility Review: A look back at the week from a volatility perspective. The Numbers: VIX Cash - 9.58, VVIX - 76 VXN - 14.36, CBOE Skew Index - 130 VIX Options - ADV: 671k, Total 7.32m (5.82m Calls, 1.49m Puts) Russell's Weekly Rundown: Volatility Flash Poll: Someone bought 235k $VIX Aug 30/35 Call Spreads for a whopping $.05. Theory time - Why would someone buy this spread? "Hedge" Short OTC Vol Bullish Volatility Spec Someone had $1.2M to burn "Hedge" Equity Portfolio Volatility Voicemail: Listener questions and comments Question from FContangotrader: When you buy put calendar in $VXX and took delivery of stock becomes synthetic call, great way to gain cheap delta while you short. Options question of the week: Earnings Season is back! $MSFT & $EBAY are up next. $MSFT ATM Straddle = 3.5%. $EBAY ATM Straddle = 7% Which trade would you make? 41% - Buy $MSFT Straddle 3.5% 28% - Buy $EBAY Straddle 7% 21% - Sell $MSFT Straddle 3.5% 10% - Sell $EBAY Straddle 7% More questions and comments: Question from Avery Thompkins & HSchwartz - Russell any progress on creating a VIX calc spreadsheet? Question from Ballen - What is your take on this article? Time to Stop Calling the VIX the "Fear Index" Question from MMouse - Check out this chart. Short volatility for the win! Why would you buy VIX? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 10.25 Ghost of Russell - 13.74 Andrew - 9.99 Guest - 9.75 This week: Mark L. - 10.25 Russell - 9.76 Mark S. - 10.04

Volatility Review: A look back at the week from a volatility perspective. CML VIZ VIX Cash: 9.90, VVIX: 85.68 VIX Options: ADV - 671k, Total 10.3m (8.28m Calls, 2.06m Puts) VIX pop quiz Strong Volume for SPXW Options with Monday, Wednesday, Friday and Month-end Expirations. A Bond Trader's $10 Million Volatility Bet Is Paying Off Volatility Voicemail: Listener questions and comments Comment from Roger Barone: If they did so thru @IBKR their margin is $35,250,000. Anyone else ZERO! @IBKR SUCKS! @CBOE REFUSES to stop their MARGIN ABUSE! @SEC_News...Yes. They charge a MINIMUM OF $150 on ANY VIX SPREAD even if a long one like that. THEY TOTALLY SUCK! I told CBOE at Pinnacle but no action. Read this and this. Crystal Ball: Wild prognostication Last week: Mark L. - 10.60 Mark S. - 10.05 Russell - 11.99 This Week: Mark L. - 10.25 Andrew - 9.99 Ophir - 9.75

Volatility Review: A look back at the week from a volatility perspective. The VIX juice is loose OCC cleared futures volume in June reached 13,194,530 contracts, a 16% increase from June 2016. One of the most popular - and controversial - trades in the stock market (XIV) is showing no signs of slowing down. MRA attributes the spiking popularity to the participation of mom and pop investors. Russell's Weekly Rundown: VIX Options: ADV - 691k, Total 8.8M (7m calls, 1.8m puts) Apple, Facebook Among Techs Facing Huge Volatility Volatility Voicemail: Listeners take over Options question of the week:: Blue Apron $APRN is down over 10% from its #IPO price. Assuming #Options were listed, what trade would you make? Buy Dec 10 Call for $1 Buy Dec 9 Put for $1 Sell Dec 10 Call for $1 Not Touching $APRN Listener questions and comments Question from Avery Thompkins - Heard you guys debating theoretical low for XIV. I am down with 5. That makes sense. What about the other side? How high can it get? Is 1,000 in the conversation? Comment from Safari Dad - A day without volatility is a day without sunshine Question from Vtrader168 - While VIX is at historical low, but Nov VIX future still stay high at 16.20. Nov VIX was ~15.7 on 5/1 and 5/2. So the term structure is relatively steep. Any implication? Crystal Ball: Your prognostication headquarters This week: Mark L. - 9.85 Mark S. - 10.05 Russell - 10.23

Volatility Review: A look back at the week from a volatility perspective VIX Cash - 11.44, VVIX: 93.78 CBOE Skew Index - 129m, slightly calmer than last week. VIX Futures - Front month: 0.65 Second month: 1.25 Russell's Weekly Rundown: VIX Options: Mon - 630k, Tues - 724k, Weds - 510k, Thurs - 1.16M, ADV - 685K, Total 8.32m (6.68m Calls, 1.65m Puts) VIX Call/Put: 4.1 / 1 OIV - 29.35 OVX - 30.46 Volatility Voice Mail: Options Question of the week Let's get back to basics. #Options are great way to get long (bullish) exposure to stocks & futures. What is your favorite way to go long? 50% - Long Call/Call Spread 23% - Short Put/Put Spread 13% - Stock(Future) Replacement 14% - Bullish Risk Reversal Listener Questions: What's on your mind? Question from John Shippen -If I buy ATM premium, maybe an ATM iron condor, a few weeks before earnings then sell it the day before the announcement, is that a good play? Essentially free decay plus capture the rise in volatility along with any swings in the underlying. Question from FContangotrader -Do you guys have an idea when $VXX $UVXY will do reverse split? I am asking for a friend of mine. Comment from David Kotlyar -UVXY reverse split July 17th Question from SvxyBug -Mark, Mark, and Russell, Thanks for a great show. Two questions for you. If SVXY somehow goes the way of TVIX, would you imagine that XIV would go with it or is it managed independently of SVXY? Second question. Is using the call put ratio on VIX much of a leading indicator on the price movement of VIX? If so, do you normally see lead times in seconds, minutes, hours, days, or no lead time at all? Thanks very much for the show. Crystal Ball: Your prognostication headquarters Last week: Mark L. - 9.70 Mark S. - 10.05 Russell - 9.25 This week: Mark L. - 9.85 Mark S. - 10.05 Russell - 10.23

Volatility Review: A look back at the week from a volatility perspective. VIX Cash - 10.15, VVIX - 84.21, slightly higher than last week. VIX is not a Fortune Teller CBOE Skew Index - 130.86, calmer than last week. VIX Futures - Front month: 1.5, Second month: 2.3 Russell's Weekly Rundown: VIX Options: Mon - 746k, Tues - 1.3M, Weds - 912k, Thurs - 347k VIX Call/Put: 4.1 / 1 Twenty-two Day C/P OI Moving Average: 3.32 Total 7.08m (5.69m Calls, 1.39m Puts) OIV - 31.5 OVX - 32.6 Volatility Voicemail: Questions. Comments. More. Options question of the week: Everyone is talking about #Bitcoin #Volatility these days. Where do you stand on #Bitcoin after last weeks aggressive downturn? Too Volatile, I am out I am still bullish I want #Bitcoin #Options I am sick of #Bitcoin Questions and comments Comment from Production One‏ - SPX and VIX are far more fun! Also far more profitable and secure! Bitcoin snobs got nothing over the Vol cognoscenti! Comment from PocketTissues - Goldman guy has the right idea. VIX should be above ten right now with everything going on. One good Trump tweet and we could be at war and VIX is in the 20s or 30s. Question from Nico - What do you think of other Vix type indicators like Merrill Lynch Move Index and the rest? Also what's up with VolDex? Crystal Ball: Wild and reckless prognostication This week Mark L. - 9.70 Mark S. - 10.05 Russell - 9.25

Volatility Review with special guest co-host Mike Thompson from Typhon Capital Management. Weird Nasdaq selloff that started during last show continues. Amazon looks to buy Whole Foods. VIX Cash - 10.90, VVIX - 89.95, slightly higher than last week. CBOE Skew Index - 134.12, nearly 10 points higher than 2 weeks ago. VIX Futures - Front month: .6, Second month: 1.5 Russell's Weekly Rundown VIX Options: Mon - 780k, Tues - 331k, Wed - 658k, Thurs - 396k, ADV - 713k, VIX Call/Put: 3.5/1; Total 10.1m (7.85m Calls, 2.26m Puts) VXX - ADV 364k, OI - 1.3/1 Calls over puts. OIV - 29.45 OVX - 31.90 Volatility Voicemail: Alternative volatility sources With $VIX giving up the ghost - which products are you hoping will provide new sources of #Volatility for your #options trading? 33% - Crude Oil (WTI, etc.) 20% - Metals ($GLD, $SLV, etc.) 20% - FX (GBP/USD, etc.) 27% - Indv. Equities-$TSLA, etc. VIX LIMBO: Last Month 40+% of you said $VIX wouldn't break 9 in 2017. But recent events have us asking again: How low will $VIX get in 2017? Still Won't Break 9 Won't Break 8.5 Won't Break 8.0 Lookout! 7 Handle in '17 Listener questions and comments Comment from Angelo - The point from Barclay's about convexity of SPX puts is somewhat meaningless. As long as market stays lofty the bid for those puts will remain. I do not foresee a scenario where market remains elevated but the bid mysteriously disappears for SPX OTM puts. So the VIX cannot realistically break into the 7 or 8 handle. Did like the stat about VIX prints since 1960 though. Crystal Ball: Wild prognostication. Last week Mark L. - 9.75 Mark S. - 9.63 Russell - 10.60 Guest - 10 This week Mark L. - 10.50 Mark S. - 10.05 Ghost of Russell - 9.15 Guest - 12.25

Volatility Review: A look back at the week from a volatility perspective. VIX hits a new low of 9.37 Comey's testimony fails to move the needle Maybe Britain will provide the spark VIX needs? VIX Cash - 9.47, VVIX - 83.28, almost unchanged from last week. CBOE Skew Index - 127.09, slightly higher than least week. VIX Futures - still steep. Front month - 1.5, Second month - 2.3 Russell's Weekly Rundown: VIX Options, Mon - 459k, Tues - 473k, Weds - 453k, Thurs - 473k, ADV - 722k. VIX Call/Put: 3.3/1. Total 9.20m (7.06m Calls, 2.14m Puts) VXX - ADV 356k, OI - 1.2/1 calls over puts. OIV - 32.31 OVX - 33.84 Volatility Voice mail: Questions, comments, polls and more! With $VIX giving up the ghost - which products are you hoping will provide new sources of #Volatility for your #options trading? Crude Oil (WTI, etc) Metals ($GLD, $SLV, etc) FX (GBP/USD, etc) Indv. Equities-$TSLA, etc. Listener Questions and comments Comment from John King - #Fired #FBI director completes televised #Testimony negative for sitting #president & #VIX DOWN .41 to 9.98. Just plain crazy. @Options #USA Comment from AGTrader - God help them when they have to all cover at once. Crystal Ball: Your prognostication headquarters This week: Mark L. - 9.75 Mark S. - 10.5 Russell - 11.23

Today we have special guest co-host: Ophir Gottlieb, Capital Market Laboratories. Volatility Review: A look back at the week from a volatility perspective. VIX Cash: 9.89 VVIX: 83.83 - Both almost unchanged from last week. CBOE Skew Index : 124.55 VIX Futures till steep Russell's Weekly Rundown: VIX Options: Mon - Closed, Tues - 264k, Weds - 545k, Thurs - 231k, ADV - 722K VIX Call/Put: 3.2/1 Total 8.37m (6.39m Calls, 1.98m Puts) OIV - 29, OVX - 31 Volatility Voicemail: Options Question of the Week AMZN just hit $1000. Will GOOGL do it next? GOOGL $1000 call expiring Friday = $4, $1000 Put = $8. How would you trade? Sell $1000 Call for $4 - 21% Buy $1000 Call for $4 - 38% Sell $1000 Straddle: $12 - 19% Sell $1000 Put for $8 - 22% Listener Questions and Comments: Comment from FContangotrader - @Options @OptionPit @OptionVol @RussellRhoads I am very impressed from Mark and his poetry and ABC options and Uber rhyme Comment from Production One‏ - Replying to @Options @optionpit Meatball long 1W SPX straddle hit! Way to go Marco! Question from JavierLBC - Hi guys. I am new. found you on stocktwits. Did you see 36,000 sep 25 calls on VIX? Crystal Ball: Wild and reckless prognostication. Last week: Russell - 10.75 Mark S. - 9.75 Mark L. - 10.25 This week: Russell - 10.60 Mark S. - 9.63 Mark L. - 9.75 Ophir - 10

Volatility Review: A look back at the week from a volatility perspective VIX Cash - 9.99 VVIX - 82.20 CBOE Skew Index - 123.65 Russell's Weekly Rundown: VIX Options: Mon - 558k, Tues - 522k, Weds - 449k, Thurs - 474k, ADV - 727K, VIX Call/Put: 3/1 Total 7.70M (5.79m Calls, 1.91m Puts) Oil plunges 4 percent on disappointment with OPEC cuts Volatility Voicemail: Options Question of the Week $VIX =11.20. $VIX June Future = 12.40 $VIX Weekly 11 puts = $.15, Weekly 13 Calls = $.15. What's your trade? Buy 13 Call for $.15 Buy 11 Put for $.15 Sell 13 Call for $.15 Sell 11 Put for $.15 Listener Questions and Comments: Comment from VTrader - When VIX is below 11.5 since 2006, that current difference between from the front month and VIX cash is at its highest. Question from Eli Vagan - Did the spike in VIX last week finally break that short Vol feedback loop that everyone is focused on these days? Question from Benod - What was the truth behind that VIX strangle last week? Question from Allan Nemy - All this action in crude it seems like a good time for some crude Vol products. Why no CBOE crude volatility options? Crystal Ball: Wild and reckless prognostication This week: Mark L. - 10.25 Mark S. - 9.75 Russell - 10.75