SPY/SPX option premium and VIX levels

Brennen81

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Hello,

I am seeking an answer to a general lamens term VIX and SPX option premium. We know VIX is a measure of this, but I am not entirely sure on what the number represents and if a doubling really means a doubling of all premiums.

If say for example.

VIX level - 11
S&P ATM option - 1 week to expire
So since it is at the money, it is all time value.

If for example, the VIX was double (22),would the premium for the same option in the exact same scenario be double? Thus all other levels are relative as well.

Thanks for your help
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