What Is the Break Even Change Over the Expiry of an Option?

When I pull up a quote of the VIX and I see right now it's at 2880 for people who are curious about that 2880 what what is that number actually represent. So that's a break even annualized move so if you were to buy a one year option at the high level of 28% the equity index would have to move 28% for you to make $0 relative to the insurance cost upfront. The idea with an option is you have the intrinsic value of the thing which is how much the strike price differs from the current price of the asset.