IVX

So, for example, Netflix, since we've got it pulled up.

What is the implied volatility of Netflix? Well, if you go into the options chain here on Tasty, You have IVX.

This is the actual implied volatility percentage, right? So what is the expected move for Netflix in this case over the next 31 days? It's 49.9%.

You see it's, they give you the actual dollar amount.

So that's implied volatility.

Now, what is Vega? Vega tells you how an options price changes when implied volatility changes.

So if I go back to Walmart here, it has an IVX of 32%.

What happens to my options price if IVX goes down to 31% tomorrow or up to 33% tomorrow? It makes a 1% change.

IV rank of 23.

Wow, the IV rank is a little higher in SPY, but if I go to the IVX, IVX here in the 45-day cycle, 21.6% in the Russell.

If I go to SPY, just a... pricing some of the volatility here.

Now you see the volatility in SPY is only 16%.

So a little bit of higher actual implied volatility, the IVX number here.

So a little bit more volatility pumped in the Russell 2000.

And that is, of course, because Russell 2000 has been making that down move where S&P is making new all-time highs.