Indian Indices · Volatility

Index IV surface

Spot —
As of —
Every strike's IV (back-solved, Black-Scholes r=0) across all live expiries in one grid — the term structure page shows just the ATM line, this shows the full smile at each expiry side by side. Blank cells mean that exact strike isn't listed (or has no OI yet) for that expiry. Only NIFTY and SENSEX have more than one expiry — the rest are monthly-only.
IV by strike × expiry
Low IV
High IV

Reading the surface

Each column is one expiry's smile: IV rises away from the ATM strike, reflecting demand for tail protection.

  • Down a column — the skew for one expiry.
  • Across a row — IV at one strike across expiries.
  • Color — where IV is highest on the grid.

Methodology & data

NSE and BSE don't publish implied volatility directly, so every cell is back-solved from that strike's own last-traded price via Black-Scholes — the same method used across the gamma, skew and term-structure pages. This is a live snapshot, not a historical time series.

What is an implied volatility surface?

A grid of implied volatility values across both strike and expiry simultaneously, combining what a single skew smile (one expiry) and a single term-structure curve (one strike, ATM) can each only show separately.

Why does IV rise for deep out-of-the-money strikes?

Because of persistent demand for tail-risk protection — traders pay up for far-OTM puts and calls as insurance against large moves, which shows up as higher implied volatility at those strikes (the "smile" shape).

How is IV calculated since NSE doesn't publish it?

Back-solved per strike from its own last-traded price via the Black-Scholes formula — the same method used on the gamma exposure, skew and term-structure pages.

Which indices are covered?

NIFTY and SENSEX — switch between them using the selector above.