New position

I have never before experimented with VIX calls / puts.  Today I am dipping a toe in the waters to get a little feeling for how to play these.  I opened a new call option in the VIX for Nov 25 calls at 4.80 per share (so it cost 480 for one contract).  Not sure how long I will stick with the position because the weekly chart of the DOW is still bullish (in my opinion).  However, market and stock drops generally continue for about 3 days when they occur (3 black candles - in a candle chart).   If the market drops for a couple more days (and that is a big IF), I could cash out on any profits I might have since the fear (and VIX) will spike.

The reason I say I am experimenting is that the options on the VIX are really expensive, and I believe that you will need a big move in order to significantly profit for a move (like the flash crash).  And then you might have to have a pre existing order or be in front of your computer to take advantage.  Let's see how this plays out.