ToTY 3

yes, its early, but good, liquid macro volatility trades don't show up too often. Bovespa vol was a winner, because the index moved up strongly in a short period of time. This ToTY, however, will require a slightly longer timeframe (possibly 3 months or slightly more), but the rewards should be pretty good.

And the idea is - Buy GBP (British Pound) vol. Implieds are near 10%, and over 3 months, we need only a 4% move to breakeven - the likely move is a minimum of 6.5%, and a maximum of 11%, by my work.

Back of the envelope, then, the likely fair vol is 16 at a minimum, or a gain of 6 vegas. Enough to qualify as a ToTY.