I'm curious why you look at inverted chart ... Do the patterns stand out better for you? Kind of confusing to me personally.
Well if we could know in advance, we would all be rich. Are you talking about ranges or actual volatility? Not same. Sounds like you are asking about trending vs. non-trending sessions.
It helps me remove my bias- I still monitor all the other indexes how it is like ES, YM, and RTY....but NQ is my main instrument and I like to flip the chart when trading it so I have a neutral bias and trade what the market tells me to do.
In regards to your other question, I think actual volatility. Large moves when a setup occurs instead of chop to a billion pieces. I dont mind if it's a doji type of day as long as moves are violent and large.