This requires a fundamental understanding of how VIX is calculated. I see VIX value as a measure of hype of an option, whether the option will increase NOW and sustain the value till expiry.
I prefer not to just go with VIX value. How high is high? 12, 15, 19 or 21?
If you follow SPOT, everything is factored in.
What matters more are –
- what is the SD at which you are writing an option
- Is it hedged? (Do you need a hedge?) or Maintained SL or SLM?
- The distance of your breakeven points from the current spot
- Is it a balanced trade? or just single leg