New Trading Systems - Think Tank

[bbgold]

VIX Buy/Write an Option?
Are any of the VIX related Funds available to sell options on them?
Looking at VIX and the premiums attached to it's options it is a good candidate for a Buy/Write selling Calls on it after purchase if you believe the Markets stay in a consolidation mode.
I will also try to keep it on watch to see how the premiums change with the volatility.
I noticed most of VIX type funds are strictly short term trades and the problem would be selling covered calls and then any big spike you would be locked into the shares unless you bought the calls back, keeping you from locking in short term fund profits.
If you bought in near the lows I would expect the ability to sell OTM Calls for a nice premium, but not be able to keep a core holding.
Have you noticed any relation to the volatility in regards to time to expiration? I would anticipate the best pricing would be a few weeks before OEX and the highest pricing during OEX?