VIX - Cboe Volatility Index

Cboe Volatility Index (VIX).

As of Jun 12, 2026: spot at $18.19, ATM IV 72.0%, max pain $20.00, net GEX -$7.8M.

What VIX Looks Like to Options Traders Today

IV rank of 23.5% is subdued relative to the 1-year history, conditions that typically favor premium-buying or long-volatility structures (debit spreads, calendar spreads, long straddles); negative net gamma exposure (-$7.8M) means dealers hedge with trend, amplifying realized volatility and accelerating directional moves; the 25-delta skew (-0.415) prices puts richer than calls, the typical equity downside-protection skew.

What This Page Covers

The VIX overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks.

VIX Methodology and Construction

VIX is a benchmark index covering a model-derived 30-day forward implied volatility on S&P 500 options. The index is computed by Cboe from the front-month and second-month listed SPX options chain using the variance-swap fair-strike formula and recomputed continuously throughout the trading session as the underlying SPX options chain re-prices. The level is computed by the index provider using a published methodology that specifies constituent eligibility, weighting math, rebalance trigger rules, and corporate-action adjustments. VIX is options on VIX listed on Cboe and settled to the VIX Special Opening Quotation.

VIX Listed Derivative Products

VIX sits at the center of a derivatives ecosystem: VIX cash index (not directly tradable) with VX futures on the Cboe Futures Exchange and VIX options on Cboe. Settlement on cash-settled index options occurs against the Special Opening Quotation for AM-settled contracts or the closing print for PM-settled contracts. Standard tenors include weekly, monthly, quarterly, and LEAPS cycles. The strike grid is densest around the prevailing index level. Index options carry no individual-name event risk; their implied volatility reflects the weighted-basket volatility of the constituents plus the correlation structure across them.

VIX Related ETF Products

Volatility-linked ETPs do not track spot VIX directly: they hold positions in short-term VIX futures and roll those contracts forward over time, picking up roll yield that is negative in the typical contango regime and positive when the VIX curve is in backwardation. Major examples are VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN), UVXY (ProShares Ultra VIX Short-Term Futures), and SVXY (ProShares Short VIX Short-Term Futures) - these are linked to short-term VIX futures rather than the spot VIX index. Each ETP carries its own expense ratio, roll-yield drag profile (especially during sustained contango), and dealer-positioning profile in the listed-options chain. The choice between trading VIX options directly and trading the VIX-linked ETP options is driven by the path-dependence introduced by the underlying futures roll, the settlement style (European cash-settled VIX options vs American share-settled ETP options), tax treatment, and chain liquidity.

Frequently asked VIX overview questions

What is VIX?

VIX is the listed ticker symbol for Cboe Volatility Index, an index. VIX is the index symbol shown on this page; index traders use the level for benchmark performance comparison, options pricing on the index itself (e.g. SPX, NDX, RUT), and as the reference for derivative products that settle to the index.

What does the VIX options snapshot look like today?

As of Jun 12, 2026, the VIX options snapshot shows spot at $18.19, ATM IV 72.0%, IV rank 23.5%, max pain $20.00, net GEX -$7.8M, expected move 20.64%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.

How does VIX differ from single-name equity tickers?

Index symbols (SPX, NDX, RUT, VIX, and others) represent benchmark levels rather than tradable shares. Listed options on index symbols are typically European-style and cash-settled, with PM-settlement on the Friday close and AM-settlement on the Friday-morning Special Opening Quotation. Index options carry no individual-name event risk; their implied volatility reflects the volatility of the basket weighted by index weights plus the correlation structure across constituents. Dispersion trading exploits the wedge between index IV and constituent IV.

How current is the VIX data on this page?

The options snapshot above is dated Jun 12, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Index methodology, constituent weights, and rebalancing rules are published by the index provider. Listed options on the index settle to the provider's official Special Opening Quotation or end-of-day level. There is no issuer-level FINRA or SEC reporting on the index itself; constituent-level data is on the individual constituent pages.