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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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Midweek Update for 2/18/2026

by ScottN | Feb 18, 2026 | Midweek Update

Equity Indexes

Equity indexes are higher across the board so far this week with a rebound in AI names and strong economic data helping.

The expanded AI chip partnership announced between META and NVDA is lifting those companies and nearly all names in the AI space which could use a little help.

Decent economic data is helping as well with building permits and housing starts along with durable goods orders coming in at or better than expected. Traders also believe there are better than even odds of a rate cut at the Fed’s June meeting.

S&P 500 volatility is generally lower for the week in sympathy with the rally in the equity indexes. However, S&P 500 30-Day CallDex is slightly higher as bullish traders buy out-of-the-money calls. Those calls are still historically cheap so expect continued buying if the equity rally continues.

Nasdaq-100 volatility is also lower but it is interesting that 30-Day CallDex is down. It would appear that today’s gains in AI aren’t convincing some traders.

Volatility for Treasury Bonds is mixed with 30-Day VolDex and CallDex lower with every other metric higher. Traders are clearly bracing for a downdraft in Treasury Bond prices.

Equities

The equities we cover are decidedly mixed this week. PLTR is leading the way higher but AMZN, AAPL, NVDA, and AVGO are all up more than 3% for the week.

The AI-focused names that have been under pressure are seeing VolDex ease as these stocks rally.

For example, every volatility metric is lower in AAPL.

Trade Illustration

With S&P 500 RiskDex still above 6.00, put spread risk reversals can be interesting. We’ll watch for RiskDex to retreat to a more normal level (i.e., below 4.00) but traders can take advantage of low call prices and/or high put prices until then.

You can learn more about RiskDex at Learn More About RiskDex.

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