I'm not a big fan of using static values on the VIX. A look at VIX/VXV shows that when the VIX makes a big move relative to the VXV the market is likely near a turning point. I have used a keltner channel as a filter to show only the extreme moves.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt