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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Option Window Alerts: When the Surface Reprices

Alerts · Advanced

Free to read

Option Window Alerts: When the Surface Reprices

You can't stare at every name's surface all day. Get told when one of them reprices hard — and where on the curve it happened.

The signal on the Option Window is a big move in some region of the curve: a broad lift or crush, a wing repricing, or a steepening left side. Each is a threshold the Nations alert engine can watch, so the surface tells you when it has something to say.

What you can be alerted on

The Window's per-point percent changes are computed on-site, close to close. That makes clean alert conditions: notify me when the whole curve moves beyond a threshold (a level repricing), when the wings move beyond a threshold (a tail repricing), or when the left side outruns the right by a set amount (skew widening).

LEVEL REPRICESPY · whole curve +4%

The entire surface repriced richer beyond your threshold — a broad vol bid. Condition: average Window change > +X%.

WING REPRICEQQQ · −3σ put wing

The put wing repriced sharply versus the body — tail risk being marked. Condition: wing change − body change > X%.

A big repricing fires the alert 0% Window change + threshold − threshold put wing crosses + threshold → alert

When a region of the Window crosses your threshold — here the put wing pushing above the + line — the alert fires, flagging the repricing and where on the curve it happened.

How it's delivered

Window alerts ride the same Nations alert engine as the index alerts — polling on a schedule and dispatching by email or SMS when a condition is met. They're additive: new conditions on data already computed on-site.

Keep in mind

A big one-day repricing is a heads-up, not a verdict on value. Pair the alert with a level read — the cone, the skew, VolDex® — to decide whether the new price is rich or cheap before acting.

Do it live

Understanding the alerts is free. Setting them on your names rides the tier the underlying needs — ETFs with ETF Analytics, single stocks with ETF + Equities.

See plans →

Educational content from Nations Indexes. Alert availability and delivery depend on plan and configuration. The Window shows change, not level. Nothing here is investment advice.

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