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There's No Single Number That Tells You a Crash Is Coming. Not Even the VIX.

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ticker lesson

Breakdown

0:00lesson

VIX as uncertainty price tag

  • VIX not directional
  • Higher VIX = more uncertainty
  • Divide VIX by 3.5 = 1 std dev move
  • VIX 20 → 5.7% range
  • VIX 30 → 8.6% range
2:10lesson

Time horizon volatility comparison

  • Compare 9-day VIX vs regular VIX
  • August 5th: 9-day VIX 1379
  • Regular VIX 1581
  • 3-month VIX 1895
  • Sloped volatility curve
4:21lesson

VIX limitations for trading

  • VIX doesn't predict crashes
  • Can't buy spot VIX like stock
  • VIX futures/options don't mirror index
  • VIX level alone ≠ hedge value
4:22lesson

Hedge construction framework

  • Define risk type: market decline/gap/event/spike
  • Match instrument to risk: S&P puts/VIX calls
  • Set budget for premium loss
  • Define trigger/exit conditions
  • Plan exit at portfolio loss/volatility level
5:40lesson

When hedging makes sense

  • Hedge when single move could cause irreparable loss
  • Before known events with defined risk window
  • Protection becomes more expensive after fear arrives
  • Hedge may expire worthless = insurance cost

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