Here is a simple indicator that implements the idea in an article titled "The VIX is Very Predictable"
Read the indicator's script comments for the article location.
Published in tandem with this post
If you improve it please let me know.
Williams Vix Fix Text Plots! Alert Capable!
Use With Lower Indicator or as Single Indicator!
Has Text Plots For All Plot Types Lower Indicator Uses.
To Get Lower Indicator:
Info On Lower Indicator - Discussion:
Script is showing if volatility has risen 30% or more from the 10-day MA. Great opportunity for shorting when indicator gets close or above green 30% line. Red line is current MA average.