For those seeking a structured approach, these strategies are frequently featured in professional training guides:

Volatility is historically mean-reverting. Extreme spikes (e.g., VIX at 40+) are often followed by a decline toward the long-term average (approx. 19.4).

A "bull call spread" on the VIX can provide a defined-risk hedge that pays out if the market crashes and volatility surges. Recommended Resources & PDF Guides

Investors often use VIX Call Options as insurance for their stock portfolios.

Trading the VIX: Strategies for the Fear Index - Charles Schwab