Russell Rhoads, CFA

Director of Education
CBOE Options Institute
Biography
Russell Rhoads, CFA, is Director of Education for the CBOE Options Institute having joined CBOE as an instructor in 2009. His career before CBOE included positions at a variety of firms including Highland Capital Management, Caldwell & Orkin Investment Counsel, Balyasny Asset Management, and Millennium Management. He is a financial author and editor having contributed to multiple magazines and edited several books for Wiley publishing. He is the author of five market related books including Trading VIX Derivatives, Option Spread Trading, and Trading Weekly Options. He is currently finishing up two books to be published in the summer of 2016, Volatility Trading Strategies and Options for Institutions and Advisors. Finally, he co-authored material to be included in Level II of the CFA program beginning in the spring of 2017. In addition to his duties for the CBOE, he is an adjunct instructor at Loyola University and the University of Illinois - Chicago. He is a double graduate of the University of Memphis with a BBA ('92) and an MS ('94) in Finance and also received a Master's Certificate in Financial Engineering from the Illinois Tech in 2003. In addition to his duties for CBOE, he is currently pursuing a PhD from Oklahoma State University with an expected graduation date of December 2017.

Author Archives: Russell Rhoads, CFA

Weekend Review of VIX Options and Futures – 1/14/2018

VIX gained and the futures curve dropped a bit last week. This is not totally out of the norm, but before a holiday weekend is something I cannot recall occurring in my years of watching VIX price action. Wednesday last week was the second busiest day on record in the VIX option arena.  A good […]

Weekend Review of Volatility Indexes and ETPs – 1/14/2018

We got an interesting move in the VXST – VIX – VIX3M – VXMT curve last week.  The short end moved higher despite a nice bullish move out of stocks.  The volatility market has been a bit jumpy like we are bracing for an unforeseen spike.  We’ll see if the nervousness is justified. I’ve been […]

Weekend Review of VIX Futures and Options – 12/24/2017

December VIX went off the board and January became the front month this past week.   VIX moved higher for the week, however, all the standard futures moved down a bit.  The contango is still steep as traders start to brace for 2018. Late Friday someone executed the VIX version of a covered call focusing on […]

Weekend Review of Volatility Indexes and ETPs – 12/24/2017

The volatility index price action relative to the equity market price action was pretty interesting last week.  The S&P 500 was higher, as were three of the four volatility indexes calculated using S&P 500 option pricing.  VXST was lower, but that is very common before three day weekends due to the calculation methodology (calendar days) […]

Weekend Review – VIX Futures and Options – 12/17/2017

VIX worked its way lower Friday as the stock market rallied.  We have grown accustomed to VIX below 10.00 and settlements below 10.00 as well.  However, for the first time I can recall, we had a VIX futures contract close below 10.00 with the December future that expires next week settling at 9.925. Thursday, with […]

Weekend Review – Volatility Indexes and ETPs – 12/17/2017

Friday was a huge day for US stocks with broad based indexes rallying nicely.  The result was pressure on the SPX related volatility indexes which pushed them from up on the week to having a losing week. Friday’s price action put pressure on the long ETPs and pushed the short ETPs (XIV and SVXY) to […]

Weekend Review of VIX Futures and Options – 10/29/2017

VIX finished the week lower, but notice the change for the standard first, second, and third month futures which was green for the week.  VIX may have dropped at the end of the week, but the VIX futures are acting like the volatility players are not expecting the move lower to hold. One trader took […]

Weekend Review of Volatility Indexes and ETPs – 10/29/2017

Of the four volatility indexes based on SPX option pricing, only VIX was lower last week.  This is the second week where the longer dated indexes (VIX3M and VXMT) rose while VIX was lower. Despite VIX dropping the long ETPs gained ground last week.  This is a great lesson in what these products give you, […]

Weekend Review of VIX Futures and Options – 10/22/2017

VIX was higher last week, despite the S&P 500 hitting a record high for five days in a row.  At low levels this sort of divergence between VIX and the S&P 500 isn’t usually much of a big deal.  But I wonder if there may be more significance since VIX under 10 has become a […]

Weekend Review of Volatility Indexes and ETPs – 10/22/2017

The short term volatility indexes (VXST and VIX) were up a bit last week as the S&P 500 set multiple all-time closing record highs last week.  VIX3M (formerly VXV) and VXMT were both up slightly resulting the rare ‘term-structure twist’.  It’s really not that rare, I just had a nature documentary voice in my head […]

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