Volatility describes the magnitude of price movement. Within SPX Gamma’s framework, it helps traders evaluate how much movement the options market is pricing, the period those expectations cover, and how they are changing.
Realized volatility measures price variation that has already occurred over a historical window. Implied volatility reflects the volatility embedded in option prices for a future horizon. Options can therefore price uncertainty that has not yet appeared in recent SPX price action.
No. Higher volatility indicates greater movement or uncertainty, not whether SPX will rise or fall. Directional interpretation requires additional evidence, including option flow, price behavior, and market structure.
These measures describe implied volatility over different horizons. VIX reflects approximately 30-day expectations, VIX9D focuses on nine days, and VIX1D focuses on one day. Comparing them helps identify whether uncertainty is concentrated in the immediate session, the coming days, or a broader period.
A near-term event can affect one-day or nine-day movement expectations differently from the broader 30-day outlook. Comparing volatility horizons helps traders distinguish immediate uncertainty from conditions extending further into the future. Each reading should be interpreted according to its own horizon.
VVIX measures the implied volatility of VIX using VIX option prices. It adds context around expected fluctuations in volatility itself, rather than directly measuring the expected movement of SPX.
SPX Gamma combines volatility measures with raw GEX, proprietary Market State GEX, and option flow. Together, these inputs help evaluate expected movement, potential hedging pressure, and the market conditions surrounding its trading programs. Historical assessment windows and forward volatility horizons serve different purposes and should be interpreted separately.