Indian Indices · Volatility

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

Why the IV surface matters

The IV surface is the full grid — every strike across every expiry — of implied volatility, giving the complete picture that a single term-structure curve or a single expiry's skew smile can each only show a slice of. It's the most complete view of how the market is pricing uncertainty across both dimensions: strike (moneyness) and time (expiry).

Reading the surface

Each column is one expiry's volatility smile — IV typically rises moving away from the ATM strike in both directions (the "smile" shape), reflecting extra demand for tail protection on deep OTM puts and calls. Reading across a row (same strike, different expiries) shows the term structure at that specific strike, which can diverge from the pure ATM term structure shown on the dedicated page when the smile itself is steeper or flatter at one expiry than another.

  • Down a column — the skew smile for one expiry, strike by strike.
  • Across a row — how IV at one specific strike changes across expiries, which can differ from the pure ATM term structure.
  • Color intensity — quick visual read of where IV is highest across the whole grid at a glance.

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.