The Cboe Volatility Index (VIX) has exhibited significant fluctuations over recent days, with notable movements observed on October 23 and 24. On October 23, the VIX reached a high of 20.5 before settling below 20. By October 24, the index was reported at 18.75 and later holding around 18.7. However, it spiked to 20 again on October 25, with traders noting this level as crucial for market bias. Additionally, a $1.2 million far out-of-the-money call option was identified, suggesting hedging activity ahead of the upcoming election. The VIX is closely monitored by traders as it reflects market volatility and investor sentiment.