Yes, the trade idea works best when the VIX is at an 'overbought' level, however the ViPar trade to me, is merely another way to trade volatility and further illustrates how the VIX/VXX should be included in your option trading repertoire ('arsenal' if your from TX
along with SPX, NDX, ETF's, stocks and Futures.
Contrary to the popular teaching, there is not an "always on" slap on-slap off strategy anymore. In selling option premium, unless you can predict price, you have to make a profit make by selling Volatility. The no-brainer, "monthly income" trades that worked great coming off the 2008-09 market meltdown as volatility gradually came down over the years are over until after the next major market meltdown and the cycle repeats.
If you listen to some of the better option traders on Aeromir, they tell you...
there is a time for trading calendar's, a time for the 'parking trade', a time for condors, a time to be in cash, a time to trade VIX, a time for the 'road trip' trade, etc...
Youtube, John Carter and the other experts are NOT the complete answer, typically, teacher's are especially good at talking, talking big! If they were so option smart they would be running a hedge fund and wouldn't be pleading for your money, though again, you may be able to get some good ideas from them.
For the ViPar book, I paid $3500 on their annual November Black Friday Special to continue my education and it did paid off for MY option trading.
I also like Option Slam's "Double Eagle" trade, though there is a time to trade it and a time not to trade it and the course did not teach when not to trade or when to adjust the trade.
I like using ONE backtester to help me have some confidence when I place a trade, maybe Aeromir has a discount on it.
Option trading is just like everything else in life, you get out of it what you put into it! Best wishes to you all...