You must be talking about futures, cause for US equities, it will never even come close to what it was like even in a low Vix environment of 2003.
Volatility isn't so great when you have absurd spreads and liquidity vacuums. What good is a point move if it's done in a half second on 100 share lots. Can't exactly get out with any significant size.
The most liquid futures (ES, I believe) is the best instrument to trade when it gets wild like that.