So VIX doesn't give an indication of much. The VIX formula has changed so many times, and the human behavior around the assets that VIX tracks has changed to re

So VIX doesn't give an indication of much. The VIX formula has changed so many times, and the human behavior around the assets that VIX tracks has changed to reflect those changes and the new products those changes are based on. Different people gamble in weekly S&P500 options than gambled in monthly S&P500 options. Different people gamble in the 5 consequetive week at any given moment weekly options, than gambled in the single week at a time weekly options. The options market itself has had ebbs and flow in interest. And the self fulfilling prophecy of keeping the market propped up when everyone buys PUT options expecting it to crash has disillusioned a lot of people from participating at all. People know what the central banks are up to, why pretend to have confidence in any of it. The Swiss bank is printing money to buy US stocks for free. Everyone's creating money through new bond issuances to buy things for free. This all contributes to a lower VIX.