Huge VIX Call Buyer Today

VIX is the ticker symbol for the Volatility Index owned and managed by the Chicago Board of Options Exchange (CBOE). The Big Institutional VIX Trade Straight from the floors of the CBOE:

VIX options were very active this morning.  With the Cash VIX showing a last price of 19.43 and the August VIX Future at 19.36 (August expiration is Wed. Aug 21st).   One of the larger trades was the following:

A trader bought 25,000 VIX Aug 25 Calls for $1.325
Their Risk: $132.50 per 1 lot
Their Reward: Unlimited
Their Breakeven: $26.325
Cash Outlay: $3,312,500 all of the above excludes transaction costs

Greeks of this Trade:
Delta: Long
Gamma: Long
Theta: Short
Vega: Long

Coming into the day the open interest in the VIX Aug 25 Calls was just over 89,000 contracts.