Is it just me or does the TLJ (double diagonal ratio spread) risk graph look like a... Nevermind that. I am interested in using options to create an IV hedge for a combination of TLJ trades. Since IV is this trade's primary risk, I am hoping to use VXX or VXN to control and perhaps even mitigate IV risk while still allowing me to keep the trades with their explosion positions on the table. I have been searching for some kind of IV correlation tool that would calculate my portfolio's vega to VXX correlation value for the purpose of constructing a more precise IV hedge. Does anyone know if such a tool exists or if there might be an alternative solution?