[{"data":1,"prerenderedAt":1521},["ShallowReactive",2],{"user-guide:options/term-structure":3},{"slug":4,"filePath":5,"frontmatter":6,"rawMarkdown":9,"tree":10},"options/term-structure","options/term-structure.md",{"title":7,"description":8},"Term structure","The term structure plots each expiry's at-the-money IV against its days to expiry: the volatility yield curve.","---\ntitle: \"Term structure\"\ndescription: \"The term structure plots each expiry's at-the-money IV against its days to expiry: the volatility yield curve.\"\n---\n\n# Term structure\n\nThe term structure plots each expiry's at-the-money IV against its days to expiry: the volatility yield curve. One glance answers **whether the market is pricing a near-term event, and whether that premium is still building or already bleeding out.**\n\n![Term structure pane with ATM IV per expiry on BTC](/learn/options/options-term-structure--hero.png)\n\n## Add it to your chart\n\n1. Open **Indicators** in the top bar.\n2. Search for **Options Term Structure** and click it once. The curve renders in its own pane.\n\n## Fullscreen\n\nUse the legend's maximize button, or double-click the pane, to fill the chart with it; Esc restores the previous layout. Maximized, the curve gets denser ticks and larger text, so the front-expiry detail is easier to read.\n\n## How to read it\n\n- **Upward sloping (contango) is normal.** More time means more uncertainty, so longer expiries usually carry higher IV.\n- **An inverted front is the signal.** When the nearest expiries trade above the back, the market is pricing a near-term event or is in stress right now.\n- **The skew series adds direction.** With Show skew on, a second series plots each expiry's 25-delta risk reversal: put IV minus call IV, so positive means the downside is bid. It tells you whether the priced event is feared to the downside or chased to the upside.\n\n## The math\n\nATM IV per expiry is read from that expiry's OTM-stitched smile, interpolated at its own forward; the [conventions page](/learn/options/concepts) covers stitching, forwards, and sign conventions. The optional skew series is the 25-delta risk reversal:\n\n$$\\mathrm{RR}_{25} = \\mathrm{IV}_{25\\Delta\\,\\mathrm{put}} - \\mathrm{IV}_{25\\Delta\\,\\mathrm{call}}$$\n\nPositive means the downside is bid (puts pricier than calls); some platforms quote the opposite sign, so check the convention before comparing across venues.\n\n## Settings\n\n| Setting    | What it does                                                              | Default |\n| ---------- | ------------------------------------------------------------------------- | ------- |\n| Show skew  | Adds the per-expiry 25-delta risk reversal series                         | On      |\n| Theme      | Color theme for the pane: series colors, fills, and accents (six choices) | Aurora  |\n| Fill style | Area under the curves: none, soft, gradient, or by sign                   | Soft    |\n| Refresh    | Poll cadence in seconds (30 to 600)                                       | 60      |\n\n## Assumptions\n\n- ATM IV per expiry comes from the same OTM-stitched smile the IV smile page draws, read at that expiry's own forward.\n- Expiries are capped to the nearest 12 by days to expiry, so far-dated listings don't crush the tradeable front of the curve.\n- The contango/backwardation label only flips outside a small deadband around flat (about half a vol point), so it does not chatter on noise between two nearly flat expiries.\n\n## Trade around it, honestly\n\n- **Inversion appearing means event premium is loading.** Check the calendar for what lands inside those front expiries; the curve often finds the date before the news does.\n- **Inversion collapsing after the event is vol crush**, the classic post-event fade fuel.\n- **Skeptical caveat**: the front point is hypersensitive within hours of expiry because its time denominator is tiny. Read the 0-2 day points with that in mind before calling a curve inverted.\n\n{% hint style=\"info\" %}\n**Related**\n\nThe [IV smile](/learn/options/iv-smile) shows the strike dimension the term structure collapses, [Implied move](/learn/options/implied-move) turns ATM IV into an expected range, and the [Vol matrix](/learn/options/vol-matrix) tabulates the same structure in numbers.\n{% endhint %}\n",{"type":11,"children":12,"data":1513,"position":1515},"root",[13,16,52,53,72,73,92,93,182,183,200,201,215,216,232,233,337,338,354,355,395,396,887,888,903,904,920,922,1207,1208,1223,1224,1280,1281,1298,1299,1402,1403],{"type":14,"value":15},"text","\n",{"type":17,"tagName":18,"properties":19,"children":20,"position":49},"element","p",{},[21,31],{"type":14,"value":22,"position":23},"The term structure plots each expiry's at-the-money IV against its days to expiry: the volatility yield curve. 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