Looking Back on 2014:

• Misperceptions from 2014 - Despite "low" VIX options, volume still strong in 2014. Vol/VIX was too cheap. OTM call buyers did well.
• Ukrainian crisis in Q1/Q2 and market volatility in October were two primary drivers this year.
• The ongoing oil meltdown as well.
• What option strategies worked in 2014? Put credit spreads and "Wheel of fun."
• Takeaways from 2014 - Do not get married to a single strategy.

Looking Ahead to 2015:

• Things to keep in mind - It might be time for a smart hedge. Volatility has volatility.
• Exchange fragmentation will continue.
• Expand your horizons.