VIX close 18.92 Wednesday में। Shed nearly 30% from 12-month high above 31 set late March when Iran ceasefire doubt में। Index back inside「normal」range——लेकिन I argue normal relative term when active war Persian Gulf में and Brent trade near $100।
Complete option playbook Q2 2026 को：what run why exact risk parameter।
Volatility Landscape
VIX term structure contango——front-month vol lower than back-month vol। This market way:「thing calm now लेकिन expect turbulence later।」Agree with term structure which mean want sell near-term premium buy longer-date protect।
IV individual name bifurcate। Tech mega-cap have 30〜40 IV ahead earn। Energy name have 45〜55 IV because Iran uncertainty। Defensive sector utility staple have sub-20 IV।
This create rich opportunity set। Sell expensive vol where own stock want to buy cheap vol want protect।
Strategy 1：Quality Name पर Selling Put
This bread-and-butter strategy। Sell cash-secure put on company own lower price at। VIX 19 with premium decent——not juicy March when 31 but still attractive elevated-vol name।
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