As traders will know, the Vix trades in a range: it mean reverts. Therefor you can profit by buying Vix Put options at the top of the range and Vix Calls at the bottom. Or that’s the theory. The attached back test generates a CAGR of 19% for a maximum drawdown of 27%
Here is the Jupyter Notebook which can be downloaded from my Gist:
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Weltanschauung 