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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Regime Alerts: When Size Should Change

Alerts · Advanced

Free to read

Regime Alerts: When Size Should Change

You don't watch the regime panel all day. You get told when the realized-vol percentile or the Nations indexes cross a threshold that changes your size multiplier — and by how much.

The regime classification is not a static label. It shifts as realized vol moves through its trailing-year distribution and as the live Nations indexes react to market conditions. The alert engine watches the exact thresholds that drive the size multiplier, so that a regime shift — which changes the correct position size for every live position — reaches you before the market does the resizing for you.

What fires a regime alert

Three conditions trigger a regime-level alert. First, the realized-vol percentile crosses 40 — the Calm-to-Elevated boundary. Every position in the book is now correctly sized at ×0.70 rather than ×1.0; the alert quantifies the trim needed on each name. Second, the realized-vol percentile crosses 75 — the Elevated-to-Stressed boundary. The multiplier drops to ×0.45; the alert lists the positions that need the largest reduction. Third, a RiskDex® spike above 3.0 — even if the realized-vol percentile hasn't yet crossed 75, an elevated RiskDex® combined with a moderately high percentile forces a Stressed classification; the alert fires on the combination, not on either input alone.

REGIME SHIFT: STRESSEDSPY · Realized-vol pctile crossed 75th

30-day realized vol on SPY has moved into the 76th percentile of its trailing year. RiskDex® confirms at 3.41. Size multiplier changes from ×0.70 → ×0.45. Action: trim all active SPY-based positions to the new regime-adjusted size.

REGIME SHIFT: ELEVATEDQQQ · Realized-vol pctile crossed 40th

30-day realized vol on QQQ moved from the 34th to the 42nd percentile. Multiplier changes from ×1.0 → ×0.70. Action: reduce QQQ-based positions to 70% of full inverse-vol size.

REGIME SHIFT: CALMIWM · Realized-vol pctile returned below 40th

Realized vol on IWM has declined back to the 36th percentile from a prior Elevated classification. RiskDex® has normalized. Multiplier restores to ×1.0. Action: review active positions; you may size back toward full inverse-vol target if the thesis still holds.

Percentile thresholds fire regime alerts time → realized-vol pctile 75th — Stressed line 40th — Elevated line Elevated alert fires Stressed alert fires Calm restore fires

As the realized-vol percentile (blue line) crosses the 40th threshold (amber dashed), an Elevated alert fires — the multiplier drops to ×0.70. Crossing the 75th (red dashed) triggers a Stressed alert and a ×0.45 multiplier. Falling back below 40 restores Calm and the ×1.0 multiplier.

Position-level alerts

Beyond regime-level alerts, the system supports position-level alerts for names you are actively trading. Set a watch on a specific underlying: when that name's realized-vol percentile crosses a threshold, the alert fires with the old size, the new size, and the arithmetic of the trim — so you can execute the rebalance from the notification without opening the tool to recalculate.

Keep in mind

A regime alert is a recalculation prompt, not a forced exit. The correct response is to pull up the Position Sizer, re-run the formula with the current vol and multiplier, and adjust positions to the new output. If the regime shifts to Stressed while you are asleep and you see the alert at open, the first task of the day is the rebalance — not a directional opinion on where the market goes next.

How it's delivered

Regime alerts run on the Nations alert engine — the same system that powers the VolDex® and index-level alerts. They poll the realized-vol percentile and the Nations index readings on a regular schedule during market hours and dispatch by email or SMS when a regime threshold is crossed. The alert includes: the name, the old and new regime classification, the old and new multiplier, and the recommended sizing adjustment as a percentage of the current position.

Do it live

Understanding regime alerts is free. Setting them on your names: ETFs via ETF Analytics, single stocks via ETF + Equities. Position-level rebalancing alerts with the full Nations-index feed are part of Everything.

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Educational content from Nations Indexes. VolDex® and RiskDex® are registered marks of Nations Indexes. Alert availability and delivery depend on plan and configuration. Nothing here is investment advice.