Thanks for posting this! I typically use a VIX/VXV ratio (same but inversed) for my XIV and ZIV investing, and came across your oscillator. I'll either start thinking inversely, or adapt to this method and adopt it. :)
Of course. That was a sloppy formulation on my part. What I meant to say is that the ratio doesn't spend much time above or below these thresholds, so it's not clear to me how one would use them as signals.