Volts — the vol term structure
The option market prices S&P 500 volatility at four horizons at once — tomorrow, nine days, one month, three months. The shape that ladder makes is the signal, and it exists nowhere else in BFM: everything else banks vol levels. This page reads the curve (six slopes between those four nodes) and the cross-asset legs (equity vol against vol-of-vol, tail-risk pricing, Nasdaq, gold and oil vol). Every number is shown against its own history, because the level on its own means nothing without knowing what this measure normally does. These are conditioning variables: they say what state vol pricing is in. Nothing here names a side, and there is no threshold to cross.
How to use this page — the question it answers, how to read the headline, and what changes at high versus low readings
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Where the curve is now
The curve · four horizons, one picture
each node against its own history — the shape is read off the ORDERING, with no threshold anywhereS&P 500 implied volatility by horizon — today's curve against its own history
tenor × vol points— drag to resize —
The six DTE slopes over time
every pair of horizons as a ratio — above 1.0 the front leg is bid above the back leg, which is the arithmetic definition of an inversionTerm-structure slopes — front horizon ÷ back horizon (ratio; 1.0 = flat)
6 slopes · parity at 1.0— drag to resize —
The five cross-asset vol legs
every leg divided by 30-day S&P vol — what is expensive relative to equity volatility, and what is notCross-asset volatility ratios — each leg ÷ VIX (ratio)
5 legs · one denominator— drag to resize —
The raw levels
the nine indices the ratios are built from — no hardcoded floor anywhere, only each index against its own recordVolatility index levels — annualised vol points (SKEW on its own construction)
÷16 = % move per day— drag to resize —
All of it at a glance
every measure as its own-history percentile, on one shared colour ramp — the mandatory companion to the line charts aboveVol-structure tape — every slope and leg against its own history, over time
rows × time— drag to resize —
Inside today's session
the 15-minute path of the curve — one observation a day cannot see an inversion form and un-formCurve state through the session — every 15-minute observation
15m grid · RTH— drag to resize —