Mike Butler has watched the ratio between the volatility index and the volatility of that index for years, by eye, and quoted its typical range on air from memory. The desk backtested it properly and his figure landed within a fraction of theirs. The study looks at what that ratio does to premium selling results, why these two measures move together when a volatility index and its underlying normally do not, and why it avoids a distortion that affects the common relative volatility gauges. Study results are historical, not predictive. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 0:00 A very deep cut intro 0:54 What the ratio measures 2:12 Where it sits right now 2:55 Why these two move together 3:31 A clone of a clone 4:20 Losing signal in the noise 5:02 The correlation between th...