VIX is ticker symbol for Chicago Board Options Exchange ( CBOE ) Index, which shows the market's expectation of 30-day . It is constructed using the implied of a wide range of S&P 500 index options. This is meant to be forward looking, is calculated from both calls and puts, and is a widely used measure of market risk, often referred to as the "investor fear gauge."
As all indexes or indicators, they need to be put into big picture context. This is a FEAR index, which now is at an all time low. This will spike when suddenly events happen which moves DOWI or other financial areas. I believe that VIX index will go lower, by attached chart and history on 1st day of trading. VIX has been as low as 8.5, so today's 10.6 is fairly low. Under 20.0 indicates stability, low fear and markets are overall calm at this time. You can trade VIX only.