I agree 100%. One thing I would like to add: I use the VIX for timing entry points for my long term investments. In a crash, watch out for panic levels around 80 and you can buy near the bottom. The Covid crash had the same VIX pattern as the 2008 crash. In normal times, you can use VIX readings of 35-40 for entries. Many times there are also divergencies around bottoms: index prices generate a new low, while the VIX does not - this is a bullish sign, too.
I agree 100%. One thing I would like to add: I use the VIX for timing entry points for my long term investments. In a crash, watch out for panic levels around 80 and you can buy near the bottom. The Covid crash had the same VIX pattern as the 2008 crash. In normal times, you can use VIX readings of 35-40 for entries. Many times there are also divergencies around bottoms: index prices generate a new low, while the VIX does not - this is a bullish sign, too.