go long iron condors around the current price with expr 1-2 months away? start with ~1/5 - 1/10 full position and add more as the market moves away a few % (5%?) from the original entry price? how to determine future add points?
I used VIX options to do bear spreads. Limited upside but also limited downside if something happens that causes a spike.
Keep in mind 40 is pretty high for the VIX but is by no means a ceiling. VIX is a wild ride and you better manage your risk if you trade it, or you be broke in a heartbeat.