Volatility Surface
IV across strikes and expiries · the topology of options pricing · --
⚠
Demo data on this page. Real IV surface needs full options chain across strikes + expiries. Surface below is synthetic SVI-style smile. Required upgrade: Polygon options data or ORATS. Configure provider →
ATM IV30
38.4%
IV Rank
42
25Δ Risk Reversal
+1.42
Skew (10Δ)
+8.4 pts
Term Structure
Contango
HV / IV Ratio
0.81
🌐 IV Surface — Strikes × Expiries
color = IV%
< 25% 25-40% 40-60% 60-80% > 80%
📈 Smile — Selected Expiry (38 DTE)
📊 Term Structure — ATM IV
🎓 What this tells you
🟢 Contango term structure
Back-month IV > front-month. Normal regime. Volatility sellers favored: sell front, buy back (calendar spreads).
🔴 Backwardation
Front-month IV > back-month. Stress signal (event risk, earnings, sell-off). Favor buying front-month protection.
⚖️ Smile vs Smirk
Equity puts typically priced richer (crash hedge demand). When call wing matches/exceeds, market thinks upside surprise is possible — bullish skew shift.