It appears one volatility trader believes a spike is on the horizon for VIX, but altered the timing of their outlook today. They were prepared for a move to the upside before June expiration, but rolled their position out to VIX options expiring July 22.

The specific position was long 180,000 VIX Jun 17 Calls plus short 360,000 VIX Jun 23 Calls (1 x 2) which was rolled out to long 180,000 VIX Jul 17 Calls plus short 360,000 VIX Jul 23 Calls in a big rolling trade at CBOE today. My hope is to visit the VIX pit tomorrow to get a little more color on this trade and report back with a little more color in the morning.

VIX option volume topped 1.5 million contracts today, aided by this large trade. The result is that despite a low volatility environment today was the busiest day of the year for VIX option trading and the eighth busiest on record.