Analysis of Volatility Index Trends and Dynamics

This research article examines the recent behavior of the Volatility Index (VIX) amidst changing dynamics in the options market. It discusses how trends like the rise of zero days to expiration (0DTE) options and call-overwriting ETFs are influencing VIX levels, leading to a shift from traditional fear indicators to a more subdued market sentiment. The paper aims to clarify whether the VIX is fundamentally 'broken' or simply evolving in response to market conditions.