Trying to figure out the best way to trade the midterm vol run-up and post-election crush.
Thinking either:
\- VIX calls now: Catch the pre-election panic, but contango/decay will eat it alive if it moves slow, and holding through the election guarantees IV crush.
\-e Sell VIX puts late Oct: Harvest high IV right before the election, but feels risky if VIX completely plummets right after
Anyone traded midterms before? Is it better to just run VIX call spreads, or stick to basic SPY put spreads to avoid the VIX futures curve? What's the actual entry/exit timing here?