VIX worked lower as we all survived, endured, or got through the final debate on this Presidential election.  The stock market moving up a little probably helped the cause as well.  November took over as the front month contract and finished the week at 15.575 or a spread of just over 2.20 when compared to the spot index.  This is actually a pretty narrow spread relative to how steep the VIX curve has been over the past few months.

vix-table

On Friday one trader came in with the ever popular 1 x 2 using November options.  With VIX at 13.70 and the November contract at 15.80 there was a seller of VIX Nov 17 Calls at 1.18 who bought twice as many VIX Nov 21 Calls at 0.62 for a net cost of 0.06 per spread.  The payoff below is based on November expiration, but it is common practice to take some profits on any spike in volatility.

vix-po