reading through the butterfly threads lately and vol of vol gets tossed around a lot. to me it makes more sense to use that term in reference to steepness of the volatility smile but it is usually in reference to volatility of the VIX. So how are you guys using the phrase? Application for a fly spread: So in relation to the smile, one would want a low vol of vol (stochastics vol model version)/flatter smile as that would equate to cheaper wings...yes? I would assume that is is a pretty important criteria to selecting an underlying for the fly...seek expensive body in relation to the wings sounds like common sense...I just hate to assume anything as I really don't know shit.