Larry Williams created this remarkable indicator, which provides the same insights for stock indices as the VIX. However, unlike the VIX, this tool is effective across all asset classes.
The settings have been slightly modified to include "percentile"-based highlight bars, so adjustments may be necessary depending on the specific asset class. The settings displayed here are the standard ones. Although it was originally designed for daily charts, it performs exceptionally well on intraday charts as well!
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