What is an IV term structure?
An implied-volatility term structure compares annualized IV across expiration dates. A volatility skew compares strikes within an expiration. Both depend on which contracts and pricing inputs are selected; a curve is not a forecast of a stock price.
This chart uses available call-option snapshots for up to five tickers. For each future expiration in a ticker's returned sample, it chooses the strike nearest a separate stock quote. It does not interpolate a constant-moneyness surface or use the VIX methodology. Read the selected strike and distance from the quote in the table.
Reading observed shapes
- Upward: Later selected contracts have higher annualized IV. More time does not by itself require annualized volatility to rise; this shape does not establish that near-term event risk is absent.
- Downward: Earlier selected contracts have higher IV. A near-term catalyst is one possible explanation, but the curve cannot verify its cause.
- Humped: An intermediate expiration is higher than adjacent points. Check event dates, selected strikes and quote quality before assigning a reason.
- Flat: IV is similar at the observed points. It does not prove that there are no catalysts or trading risks.
The summary compares only the first and last available expirations. It labels fewer than two maturities as insufficient and does not classify the full curve. Lines between dots are visual guides, not observed contracts at intermediate maturities.
How to use the chart
- Add one to five supported stock or ETF tickers, then select Load Term Structure.
- Read each ticker's coverage or failure notice. The first 250 calls are requested in strike order; additional pages are not loaded.
- Check the table's contract, expiry, selected strike, distance from the underlying quote, IV, volume and open interest. Missing counts remain unavailable.
- Compare the actual available dates across tickers. DTE is measured in UTC calendar days and expiry-day contracts are omitted.
Calendar and diagonal spread context
A calendar spread uses options with different expirations, often at the same strike. A diagonal spread also changes the strike. A term-structure comparison can be one research input, but an IV difference is not a directly collectable profit: the legs have different prices, vegas, time sensitivities and exercise exposure.
Earnings moves, changes in both legs' IV, bid-ask costs and early assignment can dominate a trade. This tool does not calculate spread payoff, execution costs, margin, early exercise or a recommended position. Verify those separately before considering an order.
Comparing different underlyings
Different businesses, event calendars, dividends, liquidity and quote times can produce different IV levels. Comparing a stock with an ETF does not isolate idiosyncratic risk by itself. A truncated sample or a strike far from the stock quote can also distort the apparent comparison.
IV and stock quotes may be delayed or asynchronous. The displayed time is retrieval time, not a guarantee of market freshness. Snapshot coverage is limited to valid standard 100-share calls with available positive IV; no historical curve is calculated.
Sources
Cboe: term structure data and methodology context · Massive: snapshot fields, pagination and availability · OIC: volatility and model assumptions. Educational research, not a trade recommendation.