... for a 1.60 credit.
With the /VX July contract currently trading at 12.74, this is basically a bet that VIX will finish between current VIX price and the VIX futures front month price around expiry, although anything between 10.90 and 14.10 will do ... .
Metrics:
Max Profit: 1.60/contract
Max Loss/BPE: .90/contract
BE's at 10.90/14.10
Notes: Will look to manage at 25% max.