Long Sep/Oct 120 calendar if you intend on playing it large. Pick your strike. I wouldn't want to long naked vol here.
brains, my point in being sarcastic is that you should not be trading vix products if you cannot clearly see a correlation between a spx severe drop and corresponding vix increase. your best bet is following atticus's vix trades before you try anything there. without learning convergence, which options trade off the futures, etc..you will be simply giving money away.
Long vol and decay. Somewhat diametric conditions, but easier to hold than an outright long or a vertical. Also, the VIX Sep 25/35/45 fly is 3.30 mid. Neutral to 35 with cash currently at 30. The VIX has the payoff but is more Px sensitive here.
Need your help. I followed your trade two weeks ago, buy the VXX Sep11 42 Put and sell the VIX Sep11 42.5 Put. It is down $250.00, what should I do?
Going to rephrase my question to: What's the best way to play this ALLIN with a certain maximum bound risk?. I.e.: I put it on, go to another planet, come back on Sep 20 and my position is intact, no broker liquidations, no exchange excuses, no nothing. I exit when I want after Sep 20th. Those calendars look nice, but aren't bound. Think like, you are the small stack in a 3way at a poker tournament, get a playable hand and push allin, you are going to get called, but you will not be pushed out of the hand till the river is dealt. At the river, you go home, or you get to play the next hand with 2x or 3x your current stack.