As an investor I am familiar with VIX. It stand for Volatility Index – and is a measure of the amount of volatility in the market and investor’s sentiment –  sometimes it is also referred to as a fear index.

More about it here  . If you don’t like to read there is a good video explaining what it is.

Good resource for further education – from the originators of VIX.

I looked at the various option prices of the VIX:

1. Maturity Date – May 17 – This is affordable . For about 500 contract size the cost is $50 for a strike price of $16.
2. Maturity Date of June 21  – The longer maturity date are more expensive – and unless you have extra money to hedge it will not be worth it. The Strike prices are $11, $28 and $29

I would primary use this to hedge my holdings in the market. I am uneasy with the current level of the markets – so may look into it at the shorter term.