Huge volume in the iPath S&P 500 VIX-Short Term Futures Note is dominated by a complex put spread.
More than 487,000 VXX options have traded, twice the daily average over the last month. Dominating this is a four-way put trade.
optionMONSTER systems show that a trader bought 101,887 November 13 puts for $0.21 and 66,173 November 14 puts for $0.48. At the same time he or she sold 84,906 November 16 puts for $1.34 and 67,925 November 15 puts for $0.85. The volume at all four strikes was more than open interest, so this is new positioning.
— Option Monster