The Volatility Index measures the market volatility by plotting a smoothed average of the True Range. Based on HPotter's idea (ru.tradingview.com/script/7BhEvJaX-Volatility/), it returns an average of the TrueRange over a specific number of bars. Here the result is passed through the Fisher's transform and normalized to 0/1-range.
This indicator may be used to identify stretches in the price movements, suitable for entry.