US Markets
Optix market-wide options intelligence

S&P 500 Volatility Constellation

Compare option pricing, IV context, price location and tradeability across the S&P 500, then inspect a stock in Optix.

Market pulse
Latest usable snapshot
Options priced above recent movement
In plain EnglishThis is the share of stocks where options imply more movement than the stock delivered over the last 30 days.How to use itA positive gap is the first clue that selling premium may deserve research.ImportantThis gap is a VRP proxy. The true volatility risk premium is known only after future movement occurs.
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of mapped stocks
Comparing option pricing with recent movement...
Typical pricing gap
In plain EnglishThis subtracts trailing 30-day realized volatility from near-30-day at-the-money implied volatility.How to use itPositive can mean options look richer. Zero or negative can mean options look cheaper compared with recent movement.ImportantRecent movement can understate an approaching earnings, news or market event.
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vol points
Calculating the typical pricing gap...
Tradeable starting points
What it measuresMapped names with a liquidity score of at least 50 and at least two usable near-the-money contracts.How to read itThese names offer a better starting point for research based on displayed spreads and quote size.Keep in mindLiquidity changes quickly. Always inspect the live contract and use a limit order.
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companies
Checking quote quality...
Board coverage
What it measuresCurrent S&P 500 members with a complete IV spread, liquidity reading and level state.How to read itHigher coverage makes breadth statistics more representative.Keep in mindNames without complete option or price data are excluded rather than estimated.
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mapped / total
Checking S&P 500 coverage...
Pricing breadth
IV compared with recent movement
Loading coverage...
Candidate matrix
Option pricing x price position
Checking IV history...
Columns: price location →Rows: option pricing ↓
Near supportPrice is close to a zone where buyers previously responded
Near resistancePrice is close to a zone where sellers previously responded
Rich premiumPositive pricing gap and high historical IV percentile
Cheap optionalityZero or negative pricing gap and low historical IV percentile
Opportunity explorer
Filter, inspect, open in Optix
0 stocks
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Left to right: how options are pricedLeft looks cheaper compared with recent stock movement. Right looks richer.
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Bottom to top: how elevated option pricing isStocks with complete history use their own 252-session IV percentile. Other bubbles use a clearly marked peer comparison for placement only.
Higher pricing, weaker value
Richer premium
Cheaper options
Lower pricing, mixed value
Near supportBetween levelsNear resistanceEarnings within 7 daysEx-dividend within 7 daysLarger bubble means easier to tradePeer comparison is placement only
Select a bubble to see the option setup in plain English.
Methodology & risk
How each visual signal is constructed and what it cannot tell you.
Options pricing from left to rightToday's near-30-day ATM IV minus trailing 30-day realised volatility. Right looks richer; left looks cheaper compared with recent movement.
Historical IV percentile from bottom to topComplete-history stocks use their own 252-session percentile. Peer comparison can position an unfinished stock, but cannot create a premium-buying or premium-selling candidate.
Tradeability shown by bubble sizeBubble size emphasises relative bid-ask cost and displayed quote size. Open interest is supporting evidence only.
Price location shown by colourColour shows whether price is near deterministic support, between levels, or near resistance. Distance is measured in ATR.
Event risk shown by ringsGold marks earnings. A dashed violet ring marks an ex-dividend date. Both can change option behaviour quickly.
Exact risk stays in full OptixMaximum loss becomes exact only after expiration, strikes and net debit or credit are selected in the full Optix analysis.
Research tool, not a trading instruction. A low IV percentile does not automatically make an option a good buy, and a high percentile does not automatically make it a good sale. Constellation also requires the IV-versus-realised-volatility gap, liquidity, event risk and price location to align. Skew, term structure, bid-ask cost, dividends, assignment exposure and maximum loss still need review.
Read the full Constellation methodology. Research context: Cboe option-based strategies paper, Cboe volatility trading considerations and Cboe volatility risk premium study. These studies concern benchmark index strategies and do not prove an edge for an individual stock.