Take the free trial to Trading Markets and you can access it. It is all explained fully. Basically, there are different signals that require some sort of extreme VIX move then a reversal.
CVR 1 = Long if the VIX hits a 5 day high and closes below its opening - Short if VIX hits a 5 day low and closes above its opening CVR 2 = Put an RSI on the VIX and extreme highs/lows on that RSI supposedly signal a reversal CVR 3 = Assumes a reversal coming if the VIX gets 10%+ from its 10 day MA No CVR 4 CVR 5 = one day mean reverting setup - buy MOC and exit next day MOC or earlier if VIX opens and closes in lower 1/3 of trading range for that day and above its 10 day MA (reverse for sell). CVR 6 = buy when two of past three days VIX hits a 20 day high (reverse for sell) You can see these pretty easily on a daily VIX chart - lay a 10 period moving envelope with a 10% boundary distance and an RSI study on the chart - the others are pretty easy to see
i think sammy chua uses one.... he spoke at daytradersUSA meeting monts ago and i liked the set-up... i have it somewhere... its like the bar's high is THE HIGH of the last 20 bars. the last bar hits the high and closes off of the high - maybe in bottom 1/2 or 1/3 of the stick. this is indicating reveral... if you really want i still there was also something with the bar being like the last of 5 up bars or something. the set-up made sense to me and not like that guy that writes in active trader where the he's using like the 4th, 6th and 99th bars - really wierd crap. i may not have them though as i planned to buy sammy's book anyway.... i liked the guy. ill look if you're serious or someone else doesnt have it handy.