John published a really insightful youtube video yesterday about how to navigate through this current environment. This video contains incredibly valuable learning for all traders. I highly recommend it. In particular, John gave a detailed explanation of why calendar is NOT a good volatility hedge. The learning on this is golden. I remember several years ago, using a calendar as a vega hedge was quite popular in "the other" community (you know which one ). As a student, I was taught that since calendar carries a positive vega, it will neutralize the vega risk of butterflies and condors. That made logical sense if we believe in trading by the greeks, but of course, in the real world, options don't work that way. Front month IV and back month IV don't move in tandem. The example that John showed in the video puts the nail in the coffin - calendar isn't just a poor vega hedge, in extreme environment like last week Monday, calendar's vega actually turned negative. Yes - the IV spike hurt calendars, but when IV crushed subsequently, calendars made good money ! This is also a great real-time example of weighted vega that Ron showed in his recent presentation.