Here we have VIX divided by SPX and M2SL which has been inverted and set to logarithmic. When we do this we are shown an extremely consistent linear channel which we can define ranges that tell us when to Buy/Sell SPX and VIX and short VIX / Long SPX.
Adding the stoch RSI and Fisher transform can also tell us with the Volatility is due to increase and LONG and VIX is a viable play. We can determine this by a value below 15 on the stoch and below -1.5 on the fisher transform with a signal cross.
At the top of his channel we would be taking profits on SPX and using that to DCA long on VIX. The levels below tell us when to take profits on VIX and add back into SPX. When VIX is very extended (around the mean and first/second take profit levels) taking Short on the VIX is also a good play. At the bottom of this channel we are getting out of VIX and going Long on SPX.