Volatility
India VIX and risk premium, the IV term structure, 25Δ skew and the market-implied distribution — the vol picture from live option prices.
What the Volatility dashboard shows
The volatility picture for NIFTY, BANKNIFTY and SENSEX, assembled from live option prices. India VIX is one number; this page shows what sits around it — how implied volatility compares with what the market actually delivered (the volatility risk premium), how IV is priced across expiries (the term structure and its regime), what the market is paying for downside versus upside protection (25-delta skew), and the full probability map option prices imply for where the index might land.
How to read it
- India VIX & VRP — implied volatility against realized volatility. A rich premium means options are expensive relative to delivered movement — seller-friendly; a thin or negative premium means the market is under-pricing risk.
- VRP percentile — today's premium ranked against recent history, so 'expensive' and 'cheap' are relative to the market's own recent normal.
- IV Surface — implied volatility across strike and expiry as one grid — strikes as % away from spot across, expiries down, darker cells dearer. The ridge on the put side is the price of downside protection; watch it steepen before events and flatten after.
- IV Term Structure — ATM IV across expiries. Upward-sloping (contango) is the calm-market default; an inverted curve (backwardation) means near-term stress is being priced above the future — a regime worth respecting.
- 25Δ skew — the IV gap between 25-delta puts and calls — what the crowd pays for crash protection versus upside. Widening skew is hedging demand building.
- Implied distribution — the probability-weighted map of finishing strikes backed out of option prices, with the expected daily move alongside it.
Frequently asked questions
The volatility risk premium is the gap between India VIX (implied volatility) and realized volatility over the last 30 sessions. A positive VRP means options are pricing more movement than the market has delivered — the usual state; a negative VRP means realized turbulence has overtaken what options imply.
The IV term structure plots at-the-money implied volatility across expiries. An upward slope (contango) is normal; an inverted curve — near-dated IV above far-dated — signals event risk or stress concentrated in the near term.
25-delta skew (risk reversal) compares the implied volatility of 25-delta puts against 25-delta calls. Richer puts mean the market is paying up for crash protection; the OIData skew panel tracks this spread live for NIFTY, BANKNIFTY and SENSEX.