Skew = IV difference between OTM puts and OTM calls. Positive skew (puts more expensive) = market fearful. Negative skew (calls bid) = euphoria / squeeze setups. Term structure = IV by expiry. Steep contango (back-month IV > near-month) = vol expected to rise. Backwardation = event-day vol crush expected. Smile = U-shaped IV curve across strikes. Reverse-skew (puts > calls) is normal for equities; smile-flip during squeezes.