As stocks go down, volatility naturally increases and funds keyed to volatility decline.
But when stocks find a base, the VIX recedes. Things calm down.
Buy VXX October 8 $30 puts (VXX211008P00030000) at market price.
Yes, these are the puts. We’re betting that the VIX will recede from here, taking VXX with it.
I currently see this contract quoted around $2.70. On Friday it was closer to $4, so you can see the upside here.