VIX Needs a Friend

The Big Picture: VIX Needs a Friend: "For a buy indicator, few things in life beat a spike in the VIX over 50. But as a shorter term sell indicator, I've gotten better results -- and more consistently -- using the VIX in tandem with one or two other signals. "

I wonder if this can be applied to FX rates - taking a basket of options prices and bringing them together with some other sentiment indices (futures positions etc).