Greeks
·
9 min
IV skew and term structure
Implied volatility is not a single number across a chain. It has a smile across strikes and a curve across expirations. Both shapes carry information.
In this lesson
- Skew: puts cost more than calls
- Term structure: usually upward sloping, often inverted
- VIX is the front of the SPX term structure
- When skew shifts
Read the full lesson in the app
The complete lesson, with worked examples, callouts, and a quiz to test yourself, is in Iron Condor Options.
Get the app