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.