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Volitility Overbought Oversold Indicator

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VIX             Overbought Oversold Indicator identifies when the Vix             is nearing a top or bottom usually within 2 candles.
How it works? When the VIX             moves more than 12% above or below its 10 DMA the indicator moves
outside the normal range band signaling that the move is overextended. Price action and normal VIX             support/resistance level analysis can be used to verify signal.
When the indicator crosses from above 12% to below it can used as buy/sell signals, but is less reliable.
I am not the creator, I stumbled upon the indicator on a (professional) trading blog
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