terms

The terms module displays the Implied Volatility Term Structure (in yellow) along with yesterday's IV Term Structure (red) and previous day watermarks (blue-white).

It allows you to see how current IV compares the previous day's IV and to historical IV - not only on a general sense but on every specific expiration.

Sometimes there are shifts that move IV up/down on all expirations, sometimes IV peels up in the short term and not the long term, sometimes there are kinks on single expirations.

This module let's you visualize all of this.

This module is a crucial tool in my trading arsenal. I will never place an IV trade without looking first at the IV Term Structure. For example - if taking a directional bet with options, seeing whether IV is relatively elevated can help you place a trade such that movements in IV work in your favor and not against. In other words - if you want to buy a call thinking the stock will rally and you see IV is very high, you could create a call-spread to diminish the risk of IV falling on your position.

When you hover over the expirations with your mouse - it should display the actual values and their respective dates.

The second set of lines at the bottom displays volume for that specific expiration.