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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How to Read the Dealer Gamma Tool

Dealer Gamma · Foundations

Free to read

How to Read the Dealer Gamma Tool

Two charts, one level. Find the flip, see which side spot is on, and read the strikes where gamma is concentrated.

The tool shows net dealer gamma for your chosen underlying two ways — by strike, and cumulatively — and marks the gamma flip and current spot. Here's how to work it.

What every control does

Pick the ticker and an expiration (or the aggregate across expiries). The Net Dealer GEX by Strike chart shows how much dealer gamma sits at each strike — positive bars where call gamma dominates, negative where puts do. The Cumulative Net GEX chart sums it into a profile; where that profile crosses zero is the gamma flip level. Spot is marked so you can see, at a glance, whether you're above the flip (long-gamma) or below it (short-gamma).

Pick the ticker and expiration; the GEX-by-strike bars, the cumulative profile, the flip level and spot do the rest.

What to look at first

Three passes. First, the flip versus spot: which regime are you in — long-gamma (above) or short-gamma (below)? That sets your expectations for the day. Second, the distance to the flip: a market sitting right on its flip is fragile; one deep in long gamma is sticky. Third, the concentration: where are the biggest gamma strikes? Those are the magnets price pins to and the levels where regime can change.

Two common misreads

Misread — "Positive GEX means bullish." It doesn't. Net long gamma means stabilizing, not up. A long-gamma market can drift down quietly. GEX tells you the kind of tape, not the direction.

Misread — "The flip is a hard line." It's an estimate that moves as open interest and spot change, and it can shift intraday. Treat it as a zone and a regime read, not a precise trigger.

Do it live

Reading the chart is free. To pull your own: ETFs with ETF Analytics, single stocks with ETF + Equities, full GEX-by-strike via Everything.

Your next step

Open the tool → Read: the two regimes → Read: FAQ & glossary →

Educational content from Nations Indexes. GEX is a regime heuristic estimated from open interest, not a precise flow model. Nothing here is investment advice.

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