This Maple document investigates the benefits and disadvantages of volatility trading via options, volatility swaps, variance swaps and gamma swaps. We also show how these products, correlation swaps, basket options and covariance swaps can give correlation exposure. Recently, options on alternative underlyings have been created, such as options on variance and 
dividends. We show how the distribution and skew for these underlyings is different from  those for equities. 

This is part 24 of a 45-document course on Modeling Financial Markets.