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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Implied-Move (Event) Calendar

Members’ Tools

Implied-Move (Event) Calendar

The straddle-implied move for every upcoming expiration, and the term-structure kinks that mark events.

Forward-Looking Events

What the straddle says the next move will be

The ATM straddle is the market’s priced bet on how far the underlying travels by expiration — the implied move. Read it across expiries and the term structure reveals where the market has packed extra premium for a known event: an earnings report, an FOMC decision, a CPI print.

This is the forward-looking companion to Event Volatility Isolation. Implied moves and the term-structure kink are computed live from the option chain; the named event calendar and the historical “does it over- or under-price its events” track are flagged where their feeds are not yet wired.

Underlying

Implied-Move Term Structure

Expiry Detail

ATM straddle-implied move per listed expiration
ExpiryDTEATM StraddleImplied MoveAnnualized VolEvent Kink

How to read this

  • Implied move = (ATM call + ATM put) ÷ spot. If a name is priced for a ±7% move and you expect less, its options are rich into the event.
  • Event kink — an expiry whose annualized straddle vol jumps above its neighbors is pricing a discrete event inside that window; the flag marks the excess over the smooth term structure.
  • Annualized vol lets you compare across expiries on equal footing — a flat line is an event-free term structure.