Overview
This strategy combines the volatility index VIX and stochastic oscillator RSI through a composition of indicators across different time periods, in order to achieve efficient breakout entries and overbought/oversold exits. The strategy has large room for optimizations and can be adapted to different market environments.

Principles

1. Calculate the VIX volatility index: take the highest and lowest prices over the past 20 days to compute volatility. High VIX indicates market panic while low VIX suggests market complacency.

2. Compute the RSI oscillator: take the price changes over the past 14 days. RSI above 70 suggests overbought conditions and RSI below 30 suggests oversold conditions.

3. Combine the two indicators. Go long when VIX breaches the upper band or the highest percentile. Close longs when RSI goes above 70.

Advantages

1. Integrates multiple indicators for comprehensive market timing assessment.
2. Indicators across timeframes verify each other and improves decision accuracy.
3. Customizable parameters can be optimized for different trading instruments.

Risks

1. Improper parameter tuning may cause multiple false signals.
2. A single exit indicator may miss price reversals.

Optimization Suggestions

1. Incorporate more confirming indicators like moving averages and Bollinger bands to time entries.
2. Add more exit indicators such as reversal candlestick patterns.

Summary
This strategy utilizes the VIX to gauge market timing and risk levels, and filters out unfavorable trades using overbought/oversold readings from the RSI, in order to enter at opportune moments and exit timely with stops. There is ample room for optimization to suit wider market conditions.