The CBOE Volatility Index VIX fell below 19.5 level in a mixed day for Wall Street on Wednesday.

On CNBC’s "Options Action," Kris Sidial of the Ambrus Group said there was a buyer of 85,500 of the May 30/32-call spreads, 83,100 of the June 32/34-call spreads and 83,000 of the July 34/36-call spreads on the VIX.

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The trader expects the VIX to nearly double by July expiration.

Price Action: The CBOE Volatility Index dropped 2.5% to 19.11 on Wednesday.

What is CBOE Volatility Index?

The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.

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