I watch the VIX intraday continuously and use it quite often as a leading indicator. For me the drop in the VIX from 28 down -- was a clear sign that the professional market changed from buy puts to selling puts. Otherwise no way this move was sustained. Today the VIX balance around 23 - showing me that -- professionals are in balance towards up or down - put buy and put selling is in balance. Look for a distinct break in the VIX either way and you will get a feel for the next step.
2)Generous use of trendlines and channels can be applied to VIX chart ( Sol and other people uses it).
3) From: Short Term Trading Strategies by Connors and Alvarez
“The proper way to use the VIX is to look at where it is today relative to its 10 day simple moving average. The higher it is above the 10 day moving average, the greater the likelihood the market is oversold and a rally is near. On the other end of the spectrum, the lower it is below the 10 day moving average, the more the market is over bought and likely to move sideways to down in the near future”
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