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What this page is
Answers one question — is volatility cheap or expensive right now? — with IV vs HV vs IV percentile, skew, IV surface, term structure, the vol cone and the intraday straddle price.
How to use it
- 1Choose the symbol at the top. Read the stacked chart first: price, IV vs HV, and IVP (where today's IV sits in its own last year).
- 2Then the 25Δ skew table (are puts pricier than calls?), the IV surface heatmap (strike × expiry) and the term structure (near vs far expiry IV).
- 3Check the Vol Cone: 1-year realised-vol percentile bands per window vs the front-expiry ATM IV line, with a seller/buyer verdict.
- 4Straddle Price shows how the ATM straddle moved through the day (pick a recorded day).
How to read it
- IV > HV and IVP high (say > 70) → options rich → selling/credit structures get the edge. IV < HV and IVP low (< 30) → options cheap → buying/debit structures.
- Skew: puts pricier than calls = fear of a fall; a flattening skew after a fall often marks exhaustion.
- Term structure in backwardation (near IV > far IV) = event/stress priced in the front week.
- Live IVP needs its own history: it fills in as the recorder stores daily IV — blank is honest, not broken.
💡 Pro tip:Vol Cone + term structure together are the seller's checklist: sell only where the ATM IV line sits above its own realised-vol band AND the front week is not in stress backwardation.