Our Indexes

The world's leading
independent volatility indexes.

Five precision-engineered indexes that strip away the distortions of legacy vol measures — giving you a clean, real-time read on what options are actually pricing.

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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) SPY 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 tail risk, hedging activity, and bearish positioning.

By zeroing in on these put options—widely used by institutional investors to protect against market declines—PutDex offers valuable insight into how much investors are willing to pay to insure against losses over the next month.

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RiskDex®

A Clear Signal of Expected Market Direction

RiskDex® measures investor sentiment by comparing the normalized cost of 30-day, one standard deviation out-of-the-money (OTM) SPY put and call options. 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.

This makes RiskDex a valuable tool for traders and risk managers seeking clarity on where the market thinks it's headed—not just how volatile it might be.

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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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Education Central

Learning Center › Education Central

Education Central

Everything in the Nations Learning Center, in one place. A complete, free options and volatility education — from your first option through the Greeks, a full strategy library with payoff diagrams, execution and risk discipline, and how to read the Nations indexes themselves. Start anywhere; the whole path is below.

New to options? Start here →
Start Volatility 101 →

Options & strategy course

Track 1 · 7 lessons

Options Foundations

What options are and how they work, from the ground up.

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Track 2 · 5 lessons

The Greeks

The four numbers that explain how an option’s price moves.

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Track 3 · 12 lessons

Strategy Library

Twelve core strategies, each with its own payoff diagram.

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Track 4 · 5 lessons

Execution & Risk

How to actually run, adjust, and manage a position.

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Volatility 101

6 lessons

Volatility 101

How to read what the options market is really pricing — the foundation the Nations indexes are built on.

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The Nations indexes & tools

Reference

Reading the Nations Indexes

What VolDex®, CallDex®, PutDex®, SkewDex®, and TailDex® measure — and how to read them.

Reading the Nations Indexes

Reference

Using the Tools

Turning the indexes into decisions with the Nations analytics and alerts.

Using the Tools

Reference

Trade Setups & Strategy

Concrete, index-driven setups that put the education to work.

Trade Setups & Strategy

Reference

Volatility Glossary

Plain-English definitions for every term used across the Learning Center.

Volatility Glossary