India VIX chart: what the volatility index shows and how to read it
What India VIX measures, how to read high and low readings, how it moves with NIFTY, and how to open a live India VIX chart next to NIFTY in SuperCharting.
India VIX is the National Stock Exchange's volatility index. It turns the prices of NIFTY 50 options into one number: how much the market expects NIFTY to move over the next 30 days, as an annualised percentage. A reading of 12 means options are priced for a calm market; a reading of 25 means traders are paying up for protection against big moves. In SuperCharting the index is the symbol NSE:INDIAVIX, and you can chart it next to NIFTY in a two-chart layout.
What India VIX measures
India VIX is built from the order book of NIFTY 50 options, using near-month and next-month contracts. Option prices rise when traders expect larger moves, so the index rises with them. It is a measure of expected volatility, not of direction: VIX can jump before a budget or an election result whether the market then goes up or down.
Because the number is annualised, a quick rule of thumb converts it to 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 NIFTY; a VIX of 24 suggests about 1.5%. It is an estimate from option prices, not a forecast you can rely on.
How to read high and low readings
There are no fixed thresholds, but traders often think in broad bands:
| India VIX | What it usually reflects |
|---|---|
| Below about 12 | Calm market, cheap options, small daily ranges |
| About 12 to 18 | Normal conditions for NIFTY |
| About 18 to 25 | Nervous market, wider ranges, more expensive options |
| Above about 25 | Stress or a big event; large swings in both directions |
Compare a reading with VIX's own recent history rather than with a fixed number. A VIX of 17 after months at 11 says more than a VIX of 17 after months at 20.
How VIX moves with NIFTY
India VIX tends to move opposite to NIFTY over short periods: when NIFTY falls sharply, demand for put options lifts VIX; when NIFTY grinds higher, VIX often drifts lower. The relationship is loose, and there are days when both rise, for example ahead of a scheduled event. Watching them side by side helps you see whether a NIFTY move is calm or nervous.
VIX also tends to fall back after spikes. A spike shows fear at that moment; it does not say where NIFTY goes next. Nothing on this page is a trading signal or investment advice.
How to open an India VIX chart in SuperCharting
- Open a chart and click the symbol name at the top left.
- Type
INDIAVIXand pick NSE:INDIAVIX. - Choose an interval from the interval menu, for example 1D for the long-term picture or 15m for the session.
- To see it next to NIFTY, click Layout setup and pick a two-chart layout. Put
NSE:NIFTYin one chart andNSE:INDIAVIXin 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 simple moving average, for example a 20-period SMA, to the VIX chart to see whether the current reading is high or low compared with its recent average.
- Set a price alert on the VIX chart, for example Crossing 20, if you want to know when the market turns nervous. Alerts keep running after you close the browser.
You can also open the public India VIX page for the latest value and key statistics without signing in.
A practical example
Before a scheduled event such as the Union Budget, a trader opens a two-chart layout with NSE:NIFTY 15m on the left and NSE:INDIAVIX 15m on the right. VIX climbing through the week while NIFTY moves sideways shows that options are getting more expensive ahead of the event. After the event, a sharp drop in VIX, often called a volatility crush, shows that the uncertainty has passed, even if NIFTY moved a lot on the day. The options chain shows the option prices behind that change.
What India VIX is not
- Not a price you can trade directly. It is an index computed by the exchange.
- Not a direction call. A high VIX means large moves are expected, not that the market will fall.
- Not a measure for single stocks. It is built from NIFTY options only; a stock can be volatile while VIX is calm.
- Not the US VIX. The CBOE VIX measures expected volatility in the S&P 500 and has its own ranges.
Frequently asked questions
What is a normal India VIX level?
Readings between about 12 and 18 are common in ordinary conditions. Compare the current value with its own recent average rather than with a fixed number.
Why does India VIX go up when NIFTY falls?
Falls push traders to buy put options for protection, which raises option prices, and India VIX is calculated from those prices.
Is India VIX live on SuperCharting?
NSE:INDIAVIX updates live while the market is open and the data feed allows; see data coverage for how each market's data is provided.
Can I use India VIX in a Pine script?
Not yet. SuperCharting's engine loads only the chart's own symbol into a script, so request.security cannot read NSE:INDIAVIX from a NIFTY chart. The workaround is the two-chart layout above, or running the script on the VIX chart itself. The Pine compatibility page lists what the engine supports.