If you believe that the VIX is going to go a lot higher from here, one interesting trade is to sell a put vertical to help lower your cost of buying calls. Over the next, month I don’t think it is a stretch to say that the VIX could go a lot higher, as the market appears to be topping out and ready for a pullback.
An interesting trade, currently, is selling two put verticals, selling the 14 strike and buying the 12 strike on the VIX for the September expiration 42 days from now, and then using that money to buy two calls at the 17 strike for September. You could put this trade on for about $626 for a two lot on each, and you have great potential for reward on the upside while limited downside. See the graph attached for how this play would look in an analysis screen. You have limited downside and unlimited upside. Consider something like this, if you think the market will have increased volatility over the next month, as we head into September.