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Five proprietary volatility indexes — plus 17 professional tools — that tell you what the options market expects before you trade. Built by the team behind VOLI and TDEX, for options traders and portfolio managers who are tired of squinting at the VIX.

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Learn More About Our Optimism Index
Nations Investor Optimism Index
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PLTR CallDex® 7D63.51−2.48 (−3.76%)What traders are paying for short-term upside — a measure of short-term bullishness
IBIT CallDex® 7D37.46+3.79 (+11.25%)What traders are paying for short-term bitcoin upside — bullishness on the iShares Bitcoin Trust

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Our Indexes

Five precision-engineered volatility metrics

Each index isolates a single dimension of options market behavior — giving you a cleaner, more actionable signal.

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VolDex®
A better way to measure option volatility
VolDex® focuses on the options that matter most—at-the-money (ATM) options with near-term expirations—giving a cleaner, more accurate view of implied volatility.

By isolating these highly liquid and actively traded contracts, VolDex avoids the distortion caused by less relevant, far out-of-the-money options. The result is a more precise snapshot of market expectations for price movement and investor sentiment—without the noise.
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CallDex®
A clearer signal of bullish sentiment & expected volatility
CallDex® tracks the cost of out-of-the-money call options to gauge market sentiment for the next 30 days. It uses call options that are one standard deviation out-of-the-money to measure what investors are expecting in terms of both volatility and potential price direction.

Higher CallDex values generally suggest traders are anticipating bigger moves or a possible market rally. Lower values indicate a calmer outlook or reduced interest in upside exposure.
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PutDex®
Focused on downside risk pricing
PutDex® delivers a clear, strike-specific measure of implied volatility by concentrating on one key data point: the normalized cost of a 30-day, one standard deviation out-of-the-money (OTM) put option.

This approach isolates the segment of the options market most directly associated with downside protection, removing the noise from less relevant strike prices. The result precisely indicates market sentiment around downside risk, hedging activity, and bearish positioning.
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RiskDex®
A Clear Signal of Expected Market Direction
RiskDex® measures investor sentiment by comparing PutDex to CallDex. This simple ratio reveals whether the market is more focused on downside protection or upside opportunity — offering a direct view of expected equity direction over the next month.

Unlike traditional volatility indexes, which reflect overall price movement, RiskDex highlights directional bias. A rising RiskDex indicates OTM put prices are increasing at a faster rate than OTM call prices and suggests growing concerns about potential declines; a lower reading signals confidence or complacency.
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TailDex®
A smarter signal for downside risk & tail hedging demand
TailDex® measures the price of deep out-of-the-money put options to assess bearish sentiment and demand for tail risk protection over the next 30 days. By focusing on puts that are three standard deviations OTM, it reflects how concerned traders are about a major downside move, often called a 'tail event'.

Higher TailDex values suggest rising demand for crash protection or increased fear of large selloffs. Lower values imply a calmer market tone and less urgency to hedge against tail risk.
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Members’ Tools

Professional options & volatility tools, built in

Every Nations subscription unlocks a growing suite of analytics that turn our proprietary indexes into real-time, actionable trade decisions.

Nations Option Window®
A live look at the most important options activity in the market right now.
VolDex® Term Structure
See how implied volatility is priced across every expiration.
Variance Risk Premium
Track the gap between implied and realized vol you can harvest.
Volatility Cones
Instantly see where current vol sits versus its historical range.
Dealer Gamma (GEX)
The gamma-flip level and dealer positioning that move markets.
Event Volatility Isolation
Split VolDex into diffusive vs event-driven vol — FOMC, CPI, earnings.
Skew Deconstruction
Break implied-vol skew into Level, Slope, and Curvature.
Nations Trading Signals
Live indexes, technical indicators, and daily option trade ideas.
Alerts
Get notified the moment a market crosses a price or index level you set.
Interactive Charts
Plot full history for any Nations index and overlay moving-average studies.
Important Metrics
Average, median, and percentile readings that put each index in context.
Vol Relative-Value Screener
Rank the whole universe from richest to cheapest implied vol in one screen.
Risk-Neutral Density
The full probability distribution the options market is pricing into expiration.
Implied-Move (Event) Calendar
The straddle-implied move for every upcoming expiration, and the event kinks.
Dealer Vanna & Charm
The second-order dealer flows that dominate around OPEX and Fed days.
Strategy Backtester
State a rule, replay it over history, and see whether the edge is real.
Vol-Targeted Position Sizer
Regime filter, trigger, and vol-scaled sizing in one live calculator.
July 27, 2026

Trade Set Up of the Day

While stocks sold off today, Bitcoin’s options quietly went to sleep. Bitcoin VolDex® — the 30-day at-the-money implied volatility on the iShares Bitcoin Trust (IBIT) — has fallen to the 6th percentile of its one-year range, near a two-year low. The most explosive asset in the market is priced for near-total calm, exactly the kind of setup that rarely lasts.

How to take advantage: When volatility on a high-beta asset gets this cheap, you own optionality rather than sell it — long calls, puts, or a straddle on IBIT is a low-cost way to position for the move that tends to follow the quiet.

Subscribe for more specific trade setups, delivered every day to both ETF Analytics and ETF + Equity Analytics subscribers so you can trade with data, not a hunch.

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