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terms: IV term structure

terms is the ConvexValue Terminal app that draws the implied volatility term structure of a symbol: the IV of every expiration, from the nearest to the farthest, next to the curves of the days before.

How to use terms

terms SYMBOL [param=value ...]
terms AAPL days=5

The symbol is required. Type the command in the command bar of a pane, or set the same parameters in the control panel (the ⚙️ at the right of the bar). In a browser, the app opens at convexvalue.com/go/terms/.

Parameters

Parameter Values Default What it does
SYMBOL An underlying symbol, or @ required The underlying. @ is the global symbol.
days A whole number 0 How many days back the earlier curves go. days=5 draws the last five days.
exp Numbers, ranges or both: 1, 1-5, 1-5,10 every expiration Which expirations to show. 1 is the nearest.
hb t or f f hb hides the lower part of the chart, the lines of the day-to-day change.

Examples

terms AAPL days=5

AAPL's term structure today, with the curves of the last five days.

terms SPY days=20

A longer look back: today's curve against the last twenty days.

terms NVDA days=5 exp=1-8

The eight nearest expirations only, where short-dated moves show best.

terms SPX days=5 hb

The curves alone, without the lower part: more room in a small pane.

How to read it

  • The horizontal axis is the expiration date, the vertical axis the implied volatility. Each point is one expiration.
  • Today's curve is yellow and yesterday's is red. The days before are thinner lines in a scale of colours.
  • The bars along the bottom are the options volume of each expiration.
  • The lower lines are the change of each curve from the day before, expiration by expiration.
  • Hover an expiration to read its IV on every day shown, with the dates. Drag a rectangle to zoom in on it; click to zoom back out.
  • A curve that sits above the earlier ones means IV is higher than it was on those days. A single expiration that stands out from its neighbours is a kink in the curve.
  • skew: puts against calls, for every expiration.
  • olay: the IV of every strike of an expiration.
  • ip: what the option prices imply as ranges of the stock's price.
  • earncal and econcal: what is scheduled around an expiration.