This indicator is meaningful only for SPY but can be used in any other instrument which has a strong correlation to SPY .
Added Ability to disable the bands if the VIX is not available.
Minot UI changes.
You can use these lines as support and resistance as you can see in the chart. Theoretically, I mean based on the 30 days option price the price move is calculated in terms of Standard Deviation which is VIX. Here I tried to come up with 1 day move from that calculation and show the standard deviations by lines around VWAP.