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