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This market, considering that it is in such a narrow trading range following the Trump rally, is starting to tell me that putting on some insurance bets is probably a good idea. The CBOE Volatility Index (INDEXCBOE:VIX) is around 13 right now, which is very low, but it wouldn’t be that surprising to see an overnight jump of 2-3 points if the market makes any kind of correction.

So, today I’m recommending a bullish position on the iPath S&P 500 VIX Short Term Futures TM ETN (NYSEARCA:VXX) as a “downside insurance” play in case the Trump rally falls apart. Keep in mind that the VXX does eventually decline as the ETN rolls over into new VIX futures contracts, but it is probably one of the only liquid places that you can play the VIX with something like an options spread.

Using a spread order, buy to open the VXX Feb. 10th $21.50 call and sell to open the VXX Feb. 10th $25.50 call for a net debit of about $0.75.

Note: There are several February expirations available for VXX options. Be sure you are opening the weekly options that expire on Friday, Feb. 10, 2017.

A debit spread is simply a way to lower the cost of buying options, as the option that you sell to open (short) helps offset the cost of the option that you buy to open. Therefore, this call debit spread is a way to lower the cost of buying bullish call options. Many brokers will require the use of margin and/or a set amount of reserved capital to execute a debit spread; contact your broker directly for specific requirements.

If a correction does occur, the VIX — and the VXX — will most likely rocket higher. And if that happens before Feb. 10, this VXX debit spread will take off.

Ken Trester is editor of the popular Maximum Options program. Trester has been trading options since the first exchanges opened in 1973 with a winning streak that goes back to 1984 with money-doubling average annual profits since 1990.