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However, be careful, the reason the vxx declined so heavily was the steep futures term structure in the vix... the costs were high to rol lout of the front month and into the next month. That situation has largely disappeared.

VXX is a scam. If you traded the way had mentioned, you would have to be sure to roll your positions into the next month every couple of days on a rolling basis. I.E. feb into march.

check out livevol.com, has pretty much everything you would need.

Something has got to give here, the fornt month Vix futures is still at 19.75 wth the spot at 17.72. ^ days to Vix expiry... something has got to give and fast. I have been selling the 18p's for some nice coin... but expiration is getting too close here. I may have to put an end to that.

Thanks for the reply. Any particular titles by these authors that you like?

I've been trading equity options for a few years now and am Interested in expanding my technical anslysis skill set. I have taken some seminars etc on the subject, but would appreciate a good book someone could recommend that surveys all the major methods and gives decent depth to each subject...

I don't see why you need to protect this position at all. The IC is in and of it's self a a tool for minimizing risk. You are taking on that risk of $1,000 and you need to be prepared to take that risk. If that risk is too high, I would scale back the size of your condor. In the event of this...