Explaining last week's price action in US equity options

Level 3 - Options Wizards Only

What did we see last week in the options markets? We may have heard of some historic moves in asset markets, for example, the Japanese stock index Nikkei having its largest move since 1987 of -15%. However, what about the options and volatility markets, were there any interesting moves there? And how have our trade recommendations from earlier this year performed?