the CBOE developed further computational methodologies, and changed the underlying index the CBOE S&P 100 Index (OEX) to the CBOE S&P 500 Index (SPX). The old methodology was renamed the VXO. 2004 - On March 26, 2004, the first-ever trading in futures on the VIX Index began on the CBOE Futures Exchange (CFE). VIX is now proposed on different trading platforms, like XTB. 2006 - VIX options were launched in February of this year. 2008 - On October 24, 2008, the VIX reached an intraday high of 89.53. 2008 - On November 21, 2008, the VIX closed at a record 80.74. 2018 - On February 5, 2018, the VIX closed 37.32 (up 103.99% from previous close). 2020 - On March 9, 2020, the VIX hit 62.12, the highest level since the 2008 financial crisis due to a combination of the 2020 Russia–Saudi Arabia oil price war and the COVID-19 pandemic. 2020 - During the COVID-19 pandemic, on March 12, 2020, the VIX hit and closed at 75.47, exceeding the previous Black Monday value, as a travel ban to the US from Europe was announced by President Trump. 2020 - On March 16, the VIX closed at 82.69, the highest level since its inception in 1990. 2021 - The U.S. Securities and Exchange Commission fined the S&P Dow Jones Indices for halting data on February 5, 2018. Interpretation VIX is sometimes criticized as a prediction of future volatility. Instead it is described as a measure of the current price of index options. Critics claim that, despite a sophisticated formulation, the predictive power of most volatility forecasting models is similar to that of plain-vanilla measures, such as simple past volatility. However, other works have countered that these critiques failed to correctly implement the more complicated models. Some practitioners and portfolio managers have questioned the depth of our understanding of the fundamental concept of volatility, itself. For example, Daniel Goldstein and Nassim Taleb famously titled one of their research articles, We Don't Quite Know What We are Talking About When We Talk About Volatility. Relatedly, Emanuel Derman has expressed disillusion with empirical models that are unsupported by theory. He argues that, while "theories are attempts to uncover the hidden principles underpinning the world around us... [we should remember that] models are metaphors—analogies that describe one thing relative to another." Michael Harris, the trader, programmer, price pattern theorist, and author, has argued that VIX