I hope that this question isn't to simplistic.
I am (roughly) familiar with the process for how the VIX is calculated. It is taking many ES OOM options prices around 30 days in the future and using this surface to estimate the implied volatility of an OOM options expiring in 30 days.
1) But how far OOM is this estimate? 25/75 delta? For example, if the VIX is 15% today and I look at ES options 30 days in the future, how far out of the money will the implied volatiliy on the smirk be 15%?
2) And, is this OOM above the forward price, or OOM below the forward price? Given the smile isn't symmetric (most likely a smirk), it is likely to be different.
3) Finally, are the any heuristics for taking a VIX value and using it to estimate the implied volatility on a particular ES option (any, or at least a specified 30d OOM)?