OptionsTape.Trade guide

Trade IV, Mid IV, Surface IV, and Vol Edge Explained

Definitions for Trade IV, Mid IV, Surface IV, and Vol Edge in options flow analysis.

Direct answer: Trade IV is the implied volatility solved from the actual option print price when the model solve is available and sanity checked. It shows the volatility level paid or received on the trade itself.

What is Trade IV?

Trade IV is the implied volatility solved from the actual option print price when the model solve is available and sanity checked. It shows the volatility level paid or received on the trade itself.

What is Surface IV?

Surface IV is the model fair-volatility estimate for the contract. It is built from the sg-risk-engine volatility surface and is used as the baseline for whether a trade printed rich or cheap.

What is Vol Edge?

Vol Edge is the difference between displayed Trade IV and the model surface. A positive edge means the print traded above fair volatility; a negative edge means it traded below the surface.

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