if you want to bet that VIX will go down relatively soon what are some types of trades you are in or are considering?
go long iron condors around the current price with expr 1-2 months away? start with ~1/5 - 1/10 full position and add more as the market moves away a few % (5%?) from the original entry price? how to determine future add points?
I used VIX options to do bear spreads. Limited upside but also limited downside if something happens that causes a spike. Keep in mind 40 is pretty high for the VIX but is by no means a ceiling. VIX is a wild ride and you better manage your risk if you trade it, or you be broke in a heartbeat.