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.

📊
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.
Explore VolDex®
📈
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.
Explore CallDex®
📉
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.
Explore PutDex®
⚖️
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.
Explore RiskDex®
🦅
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.
Explore TailDex®

Pricing

Pricing

Trade with what options know.
Independent volatility analytics across every major ETF and the most active U.S. stocks.

These plans are a great start for most traders. If your organization has something different or specific you’re looking for, please contact us for Enterprise solutions.

ETF Analytics
All Nations ETF analytics covering major index ETFs including SPY, IWM, QQQ, IBIT & more.
$99$83 per month
billed monthlybilled annually
SubscribeSubscribe
This includes:
  • Real-time Nations Index Values for equity index ETFs including SPY, QQQ, RUT, and EEM
  • Fixed income ETFs including TLT, IEF, and HYG
  • Precious metals ETFs including GLD and SLV
  • Bitcoin ETF IBIT
  • Even volatility ETF VXX
  • All Nations tools for ETF underlyings
  • A specific, custom trade setup of the day for one of these ETFs
Most popular
ETF + Equities
All Nations ETF & analytics on individual equities.
$139$116 per month
billed monthlybilled annually
SubscribeSubscribe
This includes:
  • Everything included in the ETF subscription
  • Real-time Nations Index values for the largest, most interesting equities and those with the greatest option trading volume
  • All Nations Tools for all ETF + Equity Underlyings
  • A specific, custom trade setup of the day for one of these equities
Everything!
All Nations ETF & Equity analytics, including historical data and the ability to download data.
$179$149 per month
billed monthlybilled annually
SubscribeSubscribe
This includes:
  • Everything included in the ETF Analytics subscription
  • Everything included in the Equity Analytics subscription
  • Access to downloadable index histories
  • Access to context rich historical percentile metrics for the past 52 weeks and since inception, updated daily, for every index

Nations Indexes data & commentary featured in

CNBCBloomberg TVWall Street JournalBarronsCharles Schwab

Compare plans feature by feature

Every Nations tool and data feed, mapped to the plan that unlocks it.

Compare every planFree$0ETF Analytics$99/moor $83/mo billed annuallyMost popularETF + Equity$139/moor $116/mo billed annuallyEverything!$179/moor $149/mo billed annually
Coverage & data
Nations index suite — VolDex®, CallDex®, PutDex®, RiskDex®, TailDex®Sample
Major ETFs across 5 asset classes (SPY, QQQ, IWM, TLT, GLD, IBIT…)
Individual equities — 19 most active names
30-day & 7-day index readings
Live readings · 30-sec updates (market hours)Delayed
Full historical index values
CSV / data download
Volatility surface & skew
VolDex® Term StructureSample
Skew Deconstruction
Volatility Cones
Nations Option Window®
Positioning, flow & risk premium
Dealer Gamma / Gamma Flip
Dealer Vanna & Charm
Variance Risk Premium™
Event Volatility Isolation
Risk-Neutral Density
Implied-Move (Event) Calendar
Vol Relative-Value Screener
Signals, alerts & sizing
Nations Trading Signals
Strategy Backtester
Vol-Targeted Position Sizer
Alerts — price & index (email / text)
Interactive Charts
Important Metrics

All analytics tools work across your plan’s universe. Individual-equity coverage requires ETF + Equity or Everything!; full history and CSV download are included with Everything! Prices are per month; see plans above to subscribe.