VIX: Chicago Board Options Exchange Volatility Index. The VIX shows the market’s expectation of volatility over the next 30 days. It uses a formula comparing options on the S&P 500 index to measure how volatile the market is. When the VIX is trading below 20, there is low volatility, and we get much less income for making low-ball offers. When the VIX is trading above 20, the market is getting nervous. We earn more income making low-ball offers when the VIX is high.