Recipe · Volatility
Run the vol surface recipe
A paid Cookbook of one symbol’s volatility map: ATM term structure, per-expiry smile, strike-by-expiry IV surface, and 25Δ skew, plus where that vol ranks against the day’s most active names.
Official template: Vol Surface — Term Structure, Smile & Skew · Updated 2026-09-11
The job
See whether options are rich or cheap on the surface before you sell or buy premium.
What this recipe computes
- ATM term structure, per-expiry smile, and strike-by-expiry IV surface.
- 25Δ skew.
- How the name’s vol ranks against the day’s most active names.
What it does not claim
- Vendor historical volatility on this recipe is not RV20. Do not read it as the Rank IV30−RV20 spread.
- It is not a covered-call / CSP yield scanner or earnings backtester.
- Skew extremes are context, not a reversal signal with a published hit rate.
How to read it
Step 1
Run the vol surface
Open Vol Surface in Cookbooks and pick the symbol the report resolves (or the session’s active name).
Step 2
Read term, then smile and skew
Term structure shows which expiries are bid. Smile and 25Δ skew show wing pricing. Rank vs peers is a cross-section, not a trade.
Step 3
Sell or buy premium elsewhere if you act
The recipe maps vol. Execution still lives on your broker. Rank Symbols holds the governed IV30 vs RV20 comparison.
Frequently asked questions
- Is vendor HV the same as RV20?
- No. Cookbooks labels vendor historical volatility as window-unspecified. Exact IV30 minus RV20 lives on Rank Symbols, not this recipe.
- Can this pick covered calls for me?
- No. It is a surface map. It does not screen 30-delta calls, skip earnings, or backtest the wheel.
Related glossary
- IV RankIV Rank places today’s implied volatility between its recent high and low so “expensive” or “cheap” is relative to that underlying’s history.
- IV crushIV crush is a sharp drop in implied volatility after uncertainty resolves, often after earnings. Premium can fall even when the stock moves your way.
- Put/call ratioPut/call ratio compares put activity to call activity by contracts, volume, or premium. Context decides whether heavy puts mean hedges or bearish bets.
Related personas
- GEX and Options Flow for Volatility TradersVol traders live in regimes. GEX and IV set the weather; flow shows whether customers are paying for convexity or harvesting premium now.
- Options Flow for Options SellersSelling premium works until you short the strike the tape is attacking. Flow and walls help you see where demand is concentrated before you choose short strikes.
Related recipes
Open Vol Surface — Term Structure, Smile & Skew in TradingFlow
This public page describes the job. The recipe runs in the app and requires a subscription. It is not a free live report.