VIX Option

The VIX is an index, or calculation of volatility. It's just a volatile number that trades more or less like any other Index Fund or ETF. So when you buy or sell an option on it, it looks like any other option, more or less. It's just that options are usually priced, in large part, based on the VIX's volatility. So you have odd correlations that happen all the time, almost like a recursive algorithm, or an embedded series of those Russian dolls.