IV skew = put implied volatility minus call IV at the same OTM distance from spot. Positive = put demand > call demand (fear / tail hedging). Negative = call demand > put demand (greed / call frenzy).
| Metric | What it tells you |
|---|---|
| 30D skew | Strategic institutional hedge pulse. >5 elevated, >10 extreme. |
| Term structure | 0DTE − 30DTE. >3 = backwardation (front fear premium / event); 0±3 = flat; <-3 = contango (long-tail fear). |
| Smile steepness | 10% OTM − 2% OTM at 30D. High = stretched smile = tail demand. Low/negative = flat smile = complacency. |
| Cross-DTE divergence | Max − min avg_skew across DTEs. High + 0DTE negative = retail call frenzy + institutional put hedge (classic divergence). |
Green <0 = call-frenzy/greed · grey 0-3 = neutral · amber 3-7 = elevated · orange 7-12 = high · red >12 = extreme tail demand
Click any heat cell to expand the DTE-detail panel with put_iv, call_iv, raw skew, and ATM IV per OTM%.
| OTM% | Put IV | Call IV | Skew (vp) | Direction |
|---|