Not done yet...

Based on the trendline shown below, this downswing isn't done yet.   I'm looking for this fear phase to break 1080 on the S&P 500 before we start back up again.  Click to enlarge.

VIX option expiration and VIX option payout

Some notes on VIX option expiration and payout

1. Expiring In-the-Money VIX options give a cash payout. Beware, however--there is some pretty compelling evidence that the VIX value on open of the expiration date can be manipulated. The day before the expiration date is the last day the VIX options can be traded. I close out my VIX options before expiration if I can reasonably do so. 
2.  The expiration or "print" amount when VIX options expire is given under the ^VRO symbol (Yahoo) or $VRO (Schwab).   This is the expiration value, not the opening cash VIX on the Wednesday morning of expiration.  This is the value used to establish the payout. 
3. VIX options do not expire on the same days as equity options. It is always on the Wednesday, before or after the equity options expire. See this post for links to the official websites. Since the VIX is derived from SPX index options having the two options types expiring on the same day would have been asking for trouble.

November 2009 VIX options expiration value = 22.54

The November VIX options expired with a print, or settlement value of 22.54.   This is recorded as the symbol VRO.  Lookup symbol:   ^VRO (Yahoo),  $VRO (Schwab).   The cash VIX opened this morning at 22.35.