CLDX Volatility Skew

Implied volatility smile and term structure for CLDX options. Explore how IV changes across strikes and expirations.

Delayed

HV20

54.3%

Price

$30.49

CLDX skew by horizon

As of Nov 10, 4:00 PM ET

Implied volatility by strike as a percent of spot, interpolated between 2 listed expiries. Skew is the 90% strike minus the 110% strike, in volatility points. A dash means no quoted option covers that point.

Horizon	90% strike	95%	At the money	105%	110% strike	Skew
7 days	-	-	-	-	-	-
30 days	-	-	55.2%	60.1%	61.3%	-
90 days	-	-	-	-	-	-

Volatility Smile

Implied volatility across strikes for the nearest expiration. Data from the public vol surface endpoint.

IV Term Structure

ATM implied volatility across expirations. Contango (rising) is normal; backwardation (inverted) signals a near-term event.

Understanding Options Skew

Options skew measures the difference in implied volatility between out-of-the-money puts and equidistant calls. The 25-delta skew compares the IV of a 25-delta put to a 25-delta call.

Steep skew: The market is pricing in higher demand for downside protection. This is typical of equity indices and individual stocks with tail risk.

Flat or inverted skew: Can indicate squeeze positioning, bullish sentiment, or heavy call buying driving up upside IV.

Term Structure Regimes

Contango (normal): Longer-dated options have higher IV than shorter-dated. Reflects time-value premium and normal uncertainty growth.
Backwardation (inverted): Near-term IV exceeds far-term. Signals an imminent catalyst: earnings, FOMC, FDA decision, or other binary event.
Flat: Uniform IV across the curve. Can indicate low conviction or a transition between regimes.