Sumit ji,
Yes, in previous weeks IV has given this signals 3 times (premium decay was also favoring direction)
* Two times IV was high to 26 compare to 19 on PUT ATM>> market was down in last hour
* One time IV was lower to 5-6% compared to 13 on PUT ATM>> Market relly 70 points in last
hour.
I booked profit in thrice of this with IV excel sheet & premium decay analysis.