VIX index chart: what the CBOE volatility index shows and how to read it
What the CBOE VIX measures, what high and low readings mean, how it moves with the S&P 500, and how to open a VIX chart next to SPX in SuperCharting.
The VIX is the Cboe Volatility Index. It turns the prices of S&P 500 index options into one number: how much the market expects the S&P 500 to move over the next 30 days, as an annualised percentage. A reading of 13 means options are priced for a quiet market; a reading of 30 means traders are paying a lot for protection. In SuperCharting you find it by typing VIX in the symbol search, and you can chart it next to the S&P 500 (SP:SPX) in a two-chart layout.
What the VIX measures
Cboe calculates the VIX from a wide range of S&P 500 options that expire in roughly the next month. When traders expect bigger moves, option prices rise, and the VIX rises with them. It measures expected volatility, not direction: the VIX can climb before a central bank decision or an inflation report whether the index then goes up or down.
The number is annualised, so a rule of thumb turns it into a rough daily range: divide by about 16 (the square root of the number of trading days in a year). A VIX of 16 suggests the market is pricing roughly a 1% daily move in the S&P 500; a VIX of 32 suggests about 2%. It is an estimate taken from option prices, not a forecast.
How to read high and low readings
There are no official thresholds. Traders often think in broad bands:
| VIX | What it usually reflects |
|---|---|
| Below about 15 | Calm market, cheap options, small daily ranges |
| About 15 to 20 | Ordinary conditions |
| About 20 to 30 | Nervous market, wider ranges, more expensive options |
| Above about 30 | Stress; large swings in both directions |
Extremes are rare and short. In March 2020 the VIX closed above 80; in long quiet stretches it can sit near 10 to 12 for months. Compare today's reading with the VIX's own recent history: a 19 after months at 12 says more than a 19 after months at 25.
How the VIX moves with the S&P 500
The VIX tends to move opposite to the S&P 500 over short periods. When stocks fall fast, demand for put options lifts the VIX; when stocks grind higher, the VIX often drifts lower. The link is loose, and on some days both rise, for example ahead of a scheduled event.
Spikes also tend to fade. A spike shows fear at that moment; it does not say where the S&P 500 goes next. Nothing on this page is a trading signal or investment advice.
VIX and India VIX
India VIX applies the same idea to NIFTY 50 options and has its own ranges. The two often rise together when global markets are stressed, but they can also move apart on local events such as an Indian election or the Union Budget. The India VIX chart guide covers the NSE index.
How to open a VIX chart in SuperCharting
- Open a chart and click the symbol name at the top left.
- Type
VIXand pick the Cboe Volatility Index from the list. - Choose an interval from the interval menu, for example 1D for the long-term picture.
- To see it next to the S&P 500, click Layout setup and pick a two-chart layout. Put
SP:SPXin one chart and the VIX in the other, and under Sync in layout switch on Interval and Crosshair (leave Symbol off), so both charts use the same timeframe and the crosshair shows the same moment on each. - Add a 20-period simple moving average to the VIX chart to see whether the current reading is above or below its recent average.
- Set a price alert on the VIX chart, for example Crossing 25, to hear when the market turns nervous. Alerts keep running after you close the browser and, on the Plus plan and above, can be sent to Telegram with a picture of the chart.
The public VIX page shows the latest value and key statistics without signing in, and the S&P 500 page does the same for the index.
A practical example
In the week before a US inflation report, a trader opens a two-chart layout with SP:SPX 1D on the left and CBOE:VIX 1D on the right. The VIX rising from 14 to 19 while the S&P 500 moves sideways shows that options are getting more expensive ahead of the number. If the VIX drops back sharply after the release, the uncertainty has passed, even if the index moved a lot that day.
What the VIX is not
- Not a price you can buy. It is an index that Cboe calculates. VIX futures and VIX-linked products exist, but they do not follow the index one for one.
- Not a direction call. A high VIX means large moves are expected, not that stocks will fall.
- Not a measure for single stocks. It is built from S&P 500 options only.
Frequently asked questions
What is a normal VIX level?
Readings between about 15 and 20 are common in ordinary conditions. Compare the current value with its own recent average rather than with a fixed number.
Why does the VIX go up when stocks fall?
Falls push traders to buy put options for protection, which raises option prices, and the VIX is calculated from those prices.
What does a VIX of 20 mean?
The options market expects the S&P 500 to move about 20% over a year, or very roughly 1.25% a day (20 divided by 16).
Can I use the VIX in a Pine script on an S&P 500 chart?
Not yet. SuperCharting's engine loads only the chart's own symbol into a script, so request.security cannot read the VIX from an SPX chart. Use the two-chart layout above, or run the script on the VIX chart itself. The Pine compatibility page lists what the engine supports.