Vol matrix

The vol matrix is a compact table, one row per expiry with the front row highlighted, five numbers per row: ATM IV, two risk reversals, a butterfly, and open interest. It is the quant's cheat sheet: the whole vol structure in plain numbers, no interpolation squinting.

Add it to your chart

1. Open Indicators in the top bar.
2. Search for Options Vol Matrix and click it once. The table renders in its own pane.

Fullscreen

Use the legend's maximize button, or double-click the pane, to fill the chart with it; Esc restores the previous layout. Maximized, the table gets larger text, easier to scan across all five columns.

How to read it

• ATM: at-the-money IV in vol points, the headline "how much movement is priced" per expiry.
• RR25: the 25-delta risk reversal, put IV minus call IV. Positive means the downside is bid over the upside (puts pricier); negative means calls are chased.
• RR15: the same at 15 delta, the further and more tail-sensitive wing. When RR15 disagrees with RR25, the extreme tails are telling their own story.
• FLY25: the 25-delta butterfly, the average of the two 25-delta wing IVs minus ATM: how expensive tails are versus the middle.
• OI: that expiry's total open interest in coin units, your gauge of how much weight the row deserves.

The math

Every value is read from that expiry's OTM-stitched smile (conventions):

$\mathrm{RR}_{\Delta} = \mathrm{IV}_{\Delta\,\mathrm{put}} - \mathrm{IV}_{\Delta\,\mathrm{call}}$RRΔ​=IVΔput​−IVΔcall​

$\mathrm{FLY}_{25} = \tfrac{1}{2}\left(\mathrm{IV}_{25\Delta\,\mathrm{call}} + \mathrm{IV}_{25\Delta\,\mathrm{put}}\right) - \mathrm{IV}_{\mathrm{ATM}}$FLY25​=21​(IV25Δcall​+IV25Δput​)−IVATM​

Some platforms quote RR with the opposite sign; check the convention before comparing across venues.

Settings

Setting	What it does	Default
Theme	Color theme for the pane: series colors, fills, and accents (six choices)	Aurora
Refresh	Poll cadence in seconds (30 to 600)	60

Assumptions

• Reads the same live chain snapshot as the rest of the suite, refreshed on the pane's own poll (default 60 seconds).
• Rows are capped to the nearest 8 live expiries by days to expiry.
• A cell with no resolvable quote (for example a wing with no listed instrument at that delta) is left blank rather than shown as zero.

Trade around it, honestly

• Scan the RR25 column top to bottom for the skew term structure at a glance: positive readings say puts are bid (fear priced in) at that horizon, negative say calls are bid (upside chased); watch how the sign migrates from front rows to back rows.
• FLY rising means tails are bid: the market is paying for surprise in either direction, not picking a side.
• Let the OI column filter the table. It tells you which rows deserve attention at all.
• Skeptical caveat: rows with tiny open interest produce noisy wing stats. Read RR and FLY on the liquid rows.