My point is that the inputs don't gauge market fear, and that should be restudied. Market fear is just the summation of spreads and implied volatility of the s

My point is that the inputs don't gauge market fear, and that should be restudied. Market fear is just the summation of spreads and implied volatility of the some of the index's options contracts, but if all the liquidity in any series has been diluted amongst having more series then you aren't going to get the same results or indication of market sentiment in the VIX number.