I bought 100 puts for short-term holding based on that indicator + some other signals, but it turned out to be a losing trade because of time decay problem. Otherwise, it works perfectly if one is to hold leverage short ETFs like SPXS
I don't mean to freak you out, but below chart (in reverse order from Cobra's indicator) suggests more on the downside very soon as it crossed over today. There is another indicator from SPY suggesting VIX will break out on the upside from BB-20 within 3-day.