# Surface

Implied volatility across every strike and expiry as one 3D surface, so skew and term structure can be read together.

**Surface** draws implied volatility for every strike (one axis) and every day
to expiry (the other) as a single 3D surface, colored from low to high IV. It
combines what [IV Smile](https://q-bitf.com/docs/widgets/iv-smile) shows for one expiry and what
[IV Term Structure](https://q-bitf.com/docs/widgets/iv-term-structure) shows at the money. Drag
to rotate, scroll to zoom, and use the toolbar to reset the view. **Details**
can switch the surface to open interest or volume instead of IV.

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

![Surface widget, illustrative example: a raised front edge and a downside tilt](https://q-bitf.com/docs-img/surface.png "Illustrative example data, not a real session. NQ calls, IV surface: the shortest expiries are lifted toward 30% and above, while the back flattens near 21 to 23%; IV rises toward lower strikes at every expiry.")

**Reading it.** Two shapes stand out. Along the days-to-expiry axis, the
front edge is lifted: the shortest expiries sit around 30% and higher, then
the surface drops quickly and flattens near 21 to 23% from about two weeks
out. Along the strike axis, the surface tilts up toward lower strikes at
every expiry, steepest in the front.

**What it means.** This is the same market as the term-structure and smile
examples, seen at once: a near-term event priced into the first few
expiries, and demand for downside protection that is strongest close in.

**How to use it.**

- **A raised front edge:** short-dated options are expensive. Expect bigger
  moves around the event, and a quick drop in that premium after it.
- **A tilt toward low strikes:** puts carry the premium; the market fears a
  drop more than it chases a rally.
- **A flat surface:** a calm market, with little event or crash premium.
- Rotate the surface to look straight down the strike axis for the term
  structure, or down the expiry axis for the skew.