# IV Term Structure

At-the-money implied volatility for every expiry, with the 30-day VIX window marked.

**IV Term Structure** plots at-the-money implied volatility for every listed
expiry, front to back. The header shows the front expiry's IV and how many
expiries are plotted; the **VIX window** marks the 30-day stretch the VIX
measures. **Details** lists every expiry's IV and the slope from front to back,
labeled **backwardation** when the front is higher.

Marked **(Beta)** in the widget picker: it is newer, and some of the options
data behind it can lag the live market by several minutes.

## Practical application

![IV Term Structure widget, illustrative example: front expiries priced well above the back during an event week](https://q-bitf.com/docs-img/iv-term.png "Illustrative example data, not a real session. NQ: front IV 31.50% against 23.20% at 90 days, slope -8.30 points (backwardation); the curve bottoms near 21% at two weeks.")

**Reading it.** The same-day expiry is priced at **31.50%** and the next day's
at 28.4%, while everything from one week out sits between 21% and 23%. The
slope from front to back is **-8.30 points**, so Details labels it
**backwardation**. The curve bottoms near 21% at 14 days and climbs slowly to
23.2% at 90.

**What it means.** Only the next few days carry extra premium: the market is
pricing a specific near-term event, not a lasting rise in volatility. Once the
event passes, the front of the curve usually drops back toward 21 to 22%.

**How to use it.**

- **Steep backwardation in the first few days:** expect bigger moves around
  the event, and expect same-day options to lose their premium quickly after
  it.
- **Front well below the back (contango):** a calm market; ranges and fades
  tend to work better.
- **Where the curve bottoms** shows how long the market expects the event to
  matter. Here, about a week.
- Compare it with [IV Smile](https://q-bitf.com/docs/widgets/iv-smile) to see whether that
  premium is in the puts, the calls or both.