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.
Explore CallDex®
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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.
Explore PutDex®
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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.
Explore RiskDex®
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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.
Explore TailDex®
Weekly Newsletter

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SPY 30-Day VolDex®-4.94 (-26.5%)10.815.119.423.727.913.7Mar 4Real Nations index historyJul 20

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Your Competitive Edge

In a market that rewards preparation, here’s why Volatility Insight should be your go-to resource every week.

Timely Market Analysis

Understand how geopolitical events and macroeconomic trends shape market behavior. With insights on implied volatility and skew metrics, you’ll stay ahead of sudden shifts in sentiment.

Actionable Data

From VolDex to RiskDex and all the indexes in between, this report gives you the precise tools to gauge what markets are really saying, identify hedging opportunities, and time your trades more effectively.

Comprehensive Coverage

Track the full spectrum of volatility across equities, bonds, and commodities. Whether you’re managing a diversified portfolio or focused on one sector, this newsletter keeps you informed.

Tailored Strategies

Learn how to leverage metrics like skew and term structure to optimize your trading strategies, whether you’re buying protective puts or executing spread strategies.

Expert Insights

Benefit from seasoned commentary that connects the dots between current events and market dynamics — with an explicit focus on why certain dynamics are particularly important.

Visual & Digestible

Packed with clear charts and concise summaries, it’s designed for traders who need quick, actionable insights — no fluff, just facts.

Educational & Risk-Aware

Whether you’re a seasoned trader or new to options, the commentary balances sophisticated analysis with straightforward explanations to keep you informed without confusion.

What’s in the Weekly Insight?

Every issue is packed with the data and context professional traders rely on.

01

Market Overview

Implied-volatility trends in the S&P 500, Nasdaq-100 and Russell 2000, plus how geopolitical events are moving markets.

02

Key Metrics & Indexes

VolDex® (ATM implied vol), CallDex®, PutDex®, RiskDex® (skew) and TailDex® — with weekly changes and 52-week percentile context.

03

Option Pricing Trends

Option-price movement and implied volatility across strikes via Option Window®, plus normalized pricing and skew analysis.

04

Sector & Asset Volatility

Volatility in treasuries, gold and silver, deep-OTM metrics, and standout moves among the S&P 500’s top 10 names.

05

Strategic Commentary

Investor sentiment via the Investor Optimism Index, plus 0DTE and 1DTE short-term volatility trends and what they imply.

06

Charts & Data

Clean visualizations of weekly performance across the volatility indexes and other key financial metrics.

07

Educational & Risk Disclosures

Plain-English explanations of complex terms and the risks of options trading for sophisticated investors.

Sample of the Volatility Insight newsletter

A look inside a recent issue of Volatility Insight

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Scott Nations

About Scott Nations

Scott Nations is the president and chief investment officer of Nations Indexes, the world’s leading independent developer of volatility and option-cost indexes. Nations Indexes grew out of his work leading proprietary equity-index option trading firms during 25 years as a floor trader at the Chicago Mercantile Exchange.

His team created the Nations Indexes suite of option volatility and option-cost indexes, including VolDex® (VOLI), which measures implied volatility on the S&P 500, and TailDex® (TDEX), which quantifies how much investors will pay to protect their portfolios.