By your question it is obvious that you should NOT be trading options on this security.
You don't even have a basic understanding of options and you are picking the riskiest product to trade options.
You are looking at trading a derivative ( option) on a derivative (SVXY ) of a derivative ( vix ) of a derivative ( spy ) of a derivative ( a basket of individual stocks ) which are a derivative of individual companies.
Can anything possibly go wrong with this? Or your lack of understanding?
Start with a basic options book and read it a few times.
Not always
Toofuzzy
Take the road less traveled. It will make all the difference.
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