C2 is absolutely right. The data/chart is correct.
This guy is selling a ton of naked VIX options a day or two before expiration. Most of the time it works well. Except when it doesn’t, and you lose EVERYTHING. The equivalent of picking up nickels in front of a steamroller.
On Monday the 6th he shorted 500 calls on a weekly VIX contract that expired Wednesday the 8th (pre-market). Figured, nah it can’t go to 21, it’s only at 15 now…
Then on Tuesday it spikes to 21. He sells some in a panic.
Luckily for him, VIX then calms a bit and closes at 20. So all his calls are out of the money and he keeps the rest of the premium.
If the VIX had closed at say… around 24 - he would have lost $150,000. Basically his entire account.
That is why this strategy is not TOS. People who invest in this should know they could lose everything in a split second.