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OptionsEnthusiast - Thanks for the article with charts and graphs. It really illustrates the data behind my VIX trading strategy over the last few years. The data clearly shows that the VIX has not spent significant time above 20 since 2011, and when it does it quickly drops back down. Behavior will likely change at some point in the future - but until the market starts to show the trend changing I'm going to trade based on the behavior of the past 3 years. That is not playing for big VIX spikes because its tough to predict when they will happen (other than special cases where VIX is at all-time lows), but when the VIX does rise for a few days in a row I'll place trades for it to drop back down again (usually short duration VXX put debit spreads or diagonals). Also, since the VIX spends almost 90% of the time at 18 or below I'll trade VIX call calendars every month with strikes ranging from 15-18.