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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Vol-Targeted Position Sizer

Members’ Tools

Vol-Targeted Position Sizer

Regime filter, trigger, and vol-scaled sizing in one live calculator.

Three-Layer Framework

Size the trade to a volatility target, not a hunch

Consistent sizing comes from three layers in order: a regime filter that decides whether to be on at all, a trigger that times the entry, and a vol-scaled size that makes every position contribute the same risk regardless of how volatile the underlying is. This tool runs all three.

The regime read is pulled live from the Nations indexes and the underlying’s realized-volatility percentile. The sizing math then scales your allocation so its expected volatility matches your portfolio target.

Layer 1 — Regime: reading live…

Inputs

Recommended size

How to read this

The recommended allocation is your equity scaled by the ratio of target vol to trade vol, then adjusted by the live regime multiplier and capped by your max-risk rule:

  • Layer 1 — Regime filter: the underlying’s realized volatility is ranked against its own trailing year (percentile-based, never fixed thresholds). Calm regimes scale size up toward full target; stressed regimes scale it down.
  • Layer 2 — Trigger: size is only released when you confirm your entry condition is present.
  • Layer 3 — Vol-scaled size: allocation fraction = target vol ÷ trade vol, so a 40-vol name and a 12-vol name contribute the same risk.

Educational sizing aid only — not investment advice. Verify against your own risk limits before trading.