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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Screener Alerts: When a Name Tags RICH or CHEAP

Alerts · Advanced

Free to read

Screener Alerts: When a Name Tags RICH or CHEAP

You don't watch a screener all day. You get notified when a name in the 24-symbol universe crosses the thresholds that matter — VRP extremes, backwardation flips, and cross-sectional outliers.

The screener's signal is a ranking — a live sort of the universe by VRP, Term Slope, and RiskDex®. The alert engine's job is to watch that ranking for you and notify you when something crosses a meaningful threshold. Opening the screener every morning is useful; being told the moment a name vaults to the top of the VRP ranking is more useful. That is what the screener alert system provides.

What you can be alerted on

The screener supports alerts across three categories. VRP threshold alerts fire when a name's VRP — implied minus realized — crosses a level you define: for example, "notify me when NVDA VRP exceeds +10%" or "notify me when GLD VRP drops below −5%." These are the richest and cheapest signals quantified as thresholds rather than rankings.

Cross-sectional rank alerts fire when a specific name moves into the top or bottom tier of the universe ranking — for example, "notify me when any name ranks in the top 3 by VRP" or "notify me when IEF ranks in the bottom 2." Because the ranking updates live, these alerts watch relative position rather than absolute level, which is exactly the cross-sectional signal the screener is built to deliver.

Term Slope flip alerts fire when a name's Term Slope crosses from contango to backwardation — when the 7-day implied moves above the 30-day. This is almost always an event entering the near-term window: earnings, a known macro print, or unexpected news driving near-term fear. A backwardation flip on a name you follow is one of the fastest signals that something has entered the options market's immediate concern window.

VRP ALERT — RICHNVDA · VRP crossed +12%

NVDA's Variance Risk Premium crossed above the alert threshold. Implied vol is running materially above trailing 30-day realized. Check the calendar: is this earnings week? Condition: VRP > +12%.

VRP ALERT — CHEAPIEF · VRP crossed −4%

IEF's Variance Risk Premium crossed below the alert threshold. Implied vol is running below trailing 30-day realized — protection underpriced. Condition: VRP < −4%.

SLOPE ALERT — BACKWARDATIONTSLA · Term Slope flipped positive

TSLA's 7-day VolDex® has moved above the 30-day. A near-term event has entered the window. Condition: VolDex® 7d > VolDex® 30d.

VRP threshold crossing fires the alert time → VRP RICH threshold CHEAP threshold RICH alert fires →

When the VRP line crosses the RICH threshold (amber dashed), the alert fires. Same logic in reverse for the CHEAP threshold. The engine watches the crossing so you can act on the signal rather than waiting for it.

How screener alerts differ from single-name alerts

Single-name alerts — available across the Nations suite — watch one underlying at a time against a fixed condition. Screener alerts add a cross-sectional layer: they can watch a name's position relative to the rest of the universe, not just its absolute level. "Alert me when any name in the universe is the cheapest by VRP margin" is a screener-specific condition that no single-name alert can replicate. That cross-sectional intelligence is what makes the screener alert system unique.

Alerts are starting guns, not orders

A VRP threshold crossing is a prompt to look, not a signal to trade. Rich can get richer; cheap can stay cheap. Use the alert to open the screener, check the calendar, assess the context — and then size the trade. The engine does the watching; the judgment is yours.

How it's delivered

Screener alerts run on the same Nations alert engine that powers the index and cone alerts — polling live data on a schedule and dispatching by email or SMS when a condition is met. The screener thresholds are a new condition layer on top of the same infrastructure. Set the threshold, set the delivery, and let the engine monitor the universe.

Do it live

Understanding alerts is free. Setting VRP threshold and cross-sectional rank alerts on the full universe requires the tier the underlying needs — ETFs with ETF Analytics, single names and commodity ETFs with ETF + Equities.

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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.