Volatility Index

Anybody looking to trade directly, or hedge against the new volatility indices coming in? I think the oil one is already up and running, but the other commodities are still to come I think.. Could be an interesting tool, but I dont know how it is comprised, so not sure what specific use it would have to the oil guys here...

Just wondered what peoples thoughts on it were... Definitely an interesting way to trade sentiment if nothing else...

try ovx !!!