This indicator is meaningful only for SPY but can be used in any other instrument which has a strong correlation to SPY.
Added Ability to disable the bands if the VIX is not available.
Minot UI changes.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.