Buying a single option is not the most exotic trade, but it can be interesting, especially when it involves buying a VIX option. This morning, with VIX at 12.75 and the December VIX futures trading at 13.95 there was a buyer of 12,000 VIX Dec 21st 14.00 Puts for 1.10. A payout at expiration on the morning of the 21st appears below. Note the VIX futures and spot VIX levels when the trade was executed are highlighted on the diagram.
Both the futures and spot index finished the day[...]