1) You can use EXPOLRAS to create polygons for ranges of values in a raster channel.

Note that you can

set a minimum value for the areas (in pixels) to filter out smaller areas.
2) Another way to do this is to use THR and BIT2POLY but EXPOLRAS is easier. Just for your information,
here is the basic procedure:

You can use the THR algorithm to threshold out ranges of image values to bitmap segments.
Note that you can clean up the NDWI image by removing small areas using the SIEVE algorithm first if
(removes polygons below a minimum size much like the minimum size parameter in EXPOLRAS).

Once you have the bitmap segments(s), you can export these to polygons using BIT2POLY