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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Our Indexes / Optimism Index
Live Index Data

Nations Investor
Optimism Index

A single score from 0 to 100 that captures the real-time mood of the options market — built from all five Nations indexes and updated continuously throughout the trading day.

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Nations Investor Optimism Index
-- 0 50 100
Pessimistic
Cautious
Neutral
Confident
Optimistic
Net Change
--
Percent Change
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The Index

A Single Number That Captures Market Sentiment

The Nations Investor Optimism Index is a composite of all five Nations indexes — VolDex®, CallDex®, PutDex®, RiskDex®, and TailDex®. Each of those indexes measures a distinct dimension of option market behavior. Together, they combine into a single score from 0 to 100 that reflects the overall mood of the options market.A reading near 0 signals extreme fear — put options are expensive, call options are cheap, and traders are paying heavily to hedge against a steep decline. A reading near 100 signals extreme optimism — call demand is elevated, put demand is muted, and the cost of tail-risk insurance is low relative to history.Unlike sentiment surveys that ask what people think, the Optimism Index measures what they are actually paying for. Option prices reflect real money at risk. That makes this a behavioral measure, not a self-reported one.
Interpretation

Understanding the Zones

Pessimistic
0 — 20

Put demand is extreme. Tail hedging is expensive. The market is pricing in significant downside risk.

Cautious
20 — 40

Above-average put demand. Skew is elevated. Traders are defensive but not panicked.

Neutral
40 — 60

Balanced call and put demand. Skew is near historical averages. No strong directional bias in options pricing.

Confident
60 — 80

Call demand is elevated relative to puts. Traders are leaning bullish and paying for upside exposure.

Optimistic
80 — 100

Call demand is dominant. Put protection is cheap. Options are pricing in continued gains — historically a contrarian warning zone.

Why It Matters

Built from Real Option Prices — Not Surveys

Traditional sentiment surveys ask investors whether they feel bullish or bearish. That has value — but it captures stated beliefs, not revealed behavior. The Nations Investor Optimism Index takes a different approach: it reads the options market directly.Every number in the index comes from actual option prices. When investors are worried, they pay more for puts and less for calls. When they are optimistic, call demand rises and put protection becomes cheap. Those price differences show up immediately in our component indexes — and the Optimism Index synthesizes them into a single, intuitive reading.When you Deconstruct Skew®, you learn what option buyers are actually paying for — and that tells you more than any poll. Real money is on the line with every trade. That makes option-implied sentiment one of the most reliable behavioral signals available to market participants.

The Five Component Indexes

VolDex®
At-the-money implied volatility. Measures the pure cost of options at the current market price.
CallDex®
The cost of out-of-the-money calls. Captures upside demand and bullish speculation in the options market.
PutDex®
The cost of out-of-the-money puts. Tracks downside hedging demand and defensive positioning.
RiskDex®
The ratio of put to call implied volatility. A direct measure of skew — how much more expensive protection is than speculation.
TailDex®
The cost of deep out-of-the-money puts. Isolates tail-risk insurance demand — the price of protecting against a crash.
Historical Data

Nations Investor Optimism Index

Daily closing values from index inception. Updated each trading day after market close.
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