VIX has
[dropped -4.00 pts one day],
[jumped +10.00 points the next day], and then
[dropped -4.00 points on Day Three]
twice in VIX history.
But never with VIX under 40.
That could change tonight at the close.
VIX options traded 2.44M contracts Friday, the most in a year and 3x average.
1.85M of that was calls. 1.2M of that was tied to 10/21 exp.
Only Aug 2, 2024 had more VIX call volume (since Oct '19).