I am going to start taking requests to open source my indicators and they will also be updated to Version 4 of Pinescript.
I added some features to the original code such the ability to smooth the oscillator and select the look back periods for the historical volatility.
Link to original:...
Works best as an intraday indicator
Background black & line green = Long VIX
Background black & red line = No trade
Background orange & line green = Consider selling
Background orange & line red = Short VIX