Discover How Our Indexes Can Improve Your Trading
All of our proprietary indexes are designed to give traders better information about the markets and the current sentiment picture.
VolDex®
A better way to measure option volatility
VolDex® focuses on the options that matter most—at-the-money (ATM) options with near-term expirations—giving a cleaner, more accurate view of implied volatility.
By isolating these highly liquid and actively traded contracts, VolDex avoids the distortion caused by less relevant, far out-of-the-money options. The result is a more precise snapshot of market expectations for price movement and investor sentiment—without the noise.
How VolDex Stands Apart
| Feature | VolDex | VIX |
|---|---|---|
| Option Focus | ATM options only | All strike prices including very deep out-of-the-money options |
| Reflects Real Markets? | Yes – Exclusively ATM options, the most liquid options available | Includes less relevant OTM options that rarely or never trade |
| Signal Clarity | High | Often noisy or diluted due to skew |
| Updated during trading day | Yes – realtime | Yes |
CallDex®
A clearer signal of bullish sentiment & expected volatility
CallDex® tracks the cost of out-of-the-money call options to gauge market sentiment for the next 30 days. It uses call options that are one standard deviation out-of-the-money to measure what investors are expecting in terms of both volatility and potential price direction.
Higher CallDex values generally suggest traders are anticipating bigger moves or a possible market rally. Lower values indicate a calmer outlook or reduced interest in upside exposure.
CallDex vs. VIX: A Quick Comparison
| Feature | CallDex | VIX |
|---|---|---|
| Options Used | 1 standard deviation OTM call options only | All strike prices, calls & puts |
| Focus | Upside directional bias + expected volatility | Pure volatility (ignores direction) |
| Use Case | Gauge of bullish sentiment and cost of upside call exposure | General fear gauge, often used for hedging/timing risk |
| Updated during trading day | Yes – realtime | Yes |
PutDex®
A lens focused on downside risk pricing
PutDex® delivers a clear, strike-specific measure of implied volatility by concentrating on one key data point: the normalized cost of a 30-day, one standard deviation out-of-the-money (OTM) SPY put option.
This approach isolates the segment of the options market most directly associated with downside protection, removing the noise from less relevant strike prices. The result precisely indicates market sentiment around tail risk, hedging activity, and bearish positioning.
By zeroing in on these put options—widely used by institutional investors to protect against market declines—PutDex offers valuable insight into how much investors are willing to pay to insure against losses over the next month.
How PutDex Compares to VIX
| Feature | PutDex | VIX |
|---|---|---|
| Option Focus |
1 standard deviation OTM puts only |
All strike prices |
| Reflects Real Trading? |
Yes – based on liquid SPY puts |
Includes deep OTM call & put options that rarely or never trade |
| Signal Clarity |
High – downside option prices only |
Often diluted by full skew |
| Updated during trading day | Yes – realtime | Yes |
TailDex®
A smarter signal for downside risk & tail hedging demand
TailDex® measures the price of deep out-of-the-money put options to assess bearish sentiment and demand for tail risk protection over the next 30 days. By focusing on puts that are three standard deviations OTM, it reflects how concerned traders are about a major downside move, often called a ‘tail event’.
Higher TailDex values suggest rising demand for crash protection or increased fear of large selloffs. Lower values imply a calmer market tone and less urgency to hedge against tail risk.
TailDex vs. VIX: A Quick Comparison
| Feature | TailDex | VIX |
|---|---|---|
| Options Used |
3 standard deviation OTM puts only |
All strike prices, calls & puts |
| Focus |
Downside crash risk sentiment |
Pure volatility (direction agnostic) |
| Use Case |
Gauge of bearish sentiment and demand for tail risk protection |
General fear gauge, often used for hedging/timing risk |
| Updated during trading day | Yes – realtime | Yes |
RiskDex®
A Clear Signal of Expected Market Direction
RiskDex® measures investor sentiment by comparing the normalized cost of 30-day, one standard deviation out-of-the-money (OTM) SPY put and call options. This simple ratio reveals whether the market is more focused on downside protection or upside opportunity — offering a direct view of expected equity direction over the next month.
Unlike traditional volatility indexes, which reflect overall price movement, RiskDex highlights directional bias. A rising RiskDex indicates OTM put prices are increasing at a faster rate than OTM call prices and suggests growing concerns about potential declines; a lower reading signals confidence or complacency. For example, when RiskDex exceeds 9.00, the average S&P 500 return over the next 20 trading days is –0.76%.
This makes RiskDex a valuable tool for traders and risk managers seeking clarity on where the market thinks it’s headed—not just how volatile it might be.
How RiskDex Compares to VIX
| Feature | RiskDex | VIX |
|---|---|---|
| Option Focus |
1 standard deviation OTM puts & calls |
All options & includes strikes which rarely or never trade |
| Reflects Directional Bias | Yes – skew-based | No – magnitude of volatility only |
| Underlying Instrument |
SPY – most liquid ETF options |
SPX – generally less liquid than SPY in terms of the bid/ask spread |
| Signal Clarity |
High – focuses on price skew |
Often diluted by very OTM strikes |
| Updated during trading day | Yes – realtime | Yes |
How To Get Our Indexes
ETF Analytics
Nations analytics including VolDex, CallDex, PutDex, RiskDex, and TailDex updated in real time.
Symbol coverage:
- Equity Index ETFs including: SPY, QQQ, IWM
- Precious Metals ETFs including GLD & SLV
- Interest Rate ETFs including TLT
- Crypto ETF including IBIT
Equity Analytics
Nations analytics including VolDex, CallDex, PutDex, RiskDex, and TailDex updated in real time.
Symbol coverage:
- Equity Index ETFs including: SPY, QQQ, IWM
- Precious Metals ETFs including GLD & SLV
- Interest Rate ETFs including TLT
- Crypto ETF including IBIT
- Individual Equity volatility analytics on large cap stocks including TSLA, AAPL, AMZN, AMD, GOOGL, MSFT, NVDIA
Everything! Analytics
Nations analytics including VolDex, CallDex, PutDex, RiskDex, and TailDex updated in real time.
Symbol coverage:
- Equity Index ETFs including: SPY, QQQ, IWM
- Precious Metals ETFs including GLD & SLV
- Interest Rate ETFs including TLT
- Crypto ETF including IBIT
- Individual Equity volatility analytics on large cap stocks including TSLA, AAPL, AMZN, AMD, GOOGL, MSFT, NVDIA
- Historical data on all indexes going back to inception (generally ~2006)
- Ability to download data for your own external analysis.
