Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Oct. 28, 2026.

Michael Nagle | Bloomberg | Getty Images

Stocks wrapped their worst week since June on Friday, but a group of the most sophisticated options analysts agree the reaction in the options market was oddly calm.

While the Cboe Volatility Index (VIX) , often referred to as a so-called fear index, did touch its highest intraday level since April on Friday, it quickly retreated and closed at 19.4. Its rollover came even as the S&P 500 finished the day down nearly 2%. For that size of a decline in stocks, the 2.2-point move in VIX was "relatively muted," according to SpotGamma's Brent Kochuba, whose analysis suggests VIX should have jumped closer to 2.6 points, based on a study of 126 selloffs since 2018.

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Cboe Volatility Index, 5 day

Even in the Nasdaq 100 Index , where implied volatility increased for most options contracts, there were key exceptions.…