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.

Explore the Indexes ↓ See Pricing
📊
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.
Explore VolDex® →
📈
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.
Explore CallDex® →
📉
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.
Explore PutDex® →
⚖️
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.
Explore RiskDex® →
🦅
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.
Explore TailDex® →

The bear call spread (call credit spread)

Learning Center › Strategy Library › The bear call spread

The bear call spread (call credit spread)

IntermediateFree6 min read

The bear call spread — a call credit spread — is the bearish-to-neutral premium seller. You sell a call and buy a higher-strike call for protection, collecting a net credit you keep if the stock fails to rise. It is the mirror of the bull put spread and the fourth and final vertical.

Bear call spread — short the $100 call for $5, long the $110 call for $2. Net credit $3; max profit $3 below $100; loss capped at $7.

9095100105110115120−10−8−6−4−20246BE 103Underlying price at expirationProfit / loss ($ per share)

How it is built

Two calls, same expiration: sell the lower strike, buy the higher. Stock at $100: sell the $100 call for $5, buy the $110 call for $2, net credit $3. You keep the $3 if the stock finishes at or below $100. If it rises above $110, you lose the $10 width minus the $3 credit = $7. Breakeven is $103 — the short strike plus the credit.

Outlook Neutral to bearish
Max profit Net credit = $3/share, at or below $100
Max loss (Strike width − net credit) = $7/share, at or above $110
Breakeven Lower strike + net credit = $103
Time decay (theta) Works for you — net short premium
Selling into strength

A stock has run to $100 and you doubt it pushes past resistance near $105. Selling the $100–$110 call spread pays $3 to express that view with defined risk. You profit if the stock falls, stalls, or even drifts up as far as $103. Unlike shorting stock or a naked call — whose losses are open-ended — your worst case is a known $7. Elevated implied volatility again means a fatter credit for the same strikes.

When to use it

Use a bear call spread when you’re neutral to bearish and want income with capped risk, especially above a resistance level or into a fading rally. Like all premium-selling trades, it rewards selling when implied volatility is high and decaying — a read you get directly from a volatility gauge rather than by guessing.

Common pitfalls

Selling a call spread on a strong uptrend. Fighting momentum for a small credit is how sellers get run over. Respect the trend.

Early assignment on the short call before an ex-dividend date — a real risk when the short strike is in-the-money.

What to do with this

With all four verticals in hand — two debit, two credit — you can express any directional view with defined risk. The next lessons drop direction entirely and trade volatility itself.

Next, trades that don’t care about direction at all — the long straddle bets on a big move either way.

Next lesson · continue the courseOn to the long straddle →

← The bull put spreadThe long straddle →
📞 312-265-6500  ·  support@nationsindexes.com
Member Login