IV Surface & Smile Analyzer
Paste option-chain implied volatilities and instantly visualize the volatility smile, term structure and skew — read what the options market fears.
Option Chain IV Data
Format: strike, colon, IV percent. 5+ strikes recommended.
Surface Analysis
ATM IV (Near)
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25Δ Put Skew
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Term Structure
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Frequently Asked Questions
What is the volatility smile?
Out-of-the-money puts and calls trade at higher IV than at-the-money — the “smile”. It reflects the market pricing crash risk (puts) and lottery upside (calls).
What does skew tell me?
Put skew = IV(25-delta put) − IV(ATM). Large positive skew means traders pay up for downside protection — fear is elevated.
What is term structure?
How IV changes across expiries. Upward-sloping (far > near) is normal; inverted (near > far) signals imminent event risk.
Disclaimer: Educational visualization of user-supplied data. IV interpretation requires context (earnings, events). Not trading advice.