About I ♡ VOL

Options and volatility analytics, made readable.

I ♡ VOL is an independent project that turns publicly available options market data into clear, interactive charts. It is built for traders and students of the market who want to understand how options positioning and volatility shape price behavior.

What you can find here

• GEX estimates dealer gamma exposure by strike for SPX, NDX, RUT and VIX options, along with key levels such as the call wall, put wall and gamma flip, plus charm (CEX) and vanna (VEX) exposure.
• VIX Term Structure shows the VIX futures curve, the VIX index family from VIX1D to VIX1Y, and the contango or backwardation between monthly contracts.
• Vol Surface renders the implied volatility surface across expiries and moneyness in 3D, together with volatility smiles, the ATM term structure and a heatmap.

How the numbers are calculated

Gamma exposure follows the common convention that dealers are long calls and short puts. Each contract contributes gamma × open interest × 100 × spot² × 0.01, which approximates the dollar amount dealers must hedge for a 1% move in the underlying. Greeks are computed with the Black-Scholes model using each contract's implied volatility.

For the volatility surface, the forward price of each expiry is solved from put-call parity using mid prices, and moneyness is defined as strike divided by forward. Out-of-the-money options are used on each side of the forward, and contracts without a bid are excluded.

Market data is delayed and is refreshed when you load a page or turn on automatic refresh. Every calculation relies on simplifying assumptions, so the results should be read as estimates rather than exact measurements of market positioning.

Why this site exists

Professional terminals show this kind of analysis behind expensive subscriptions. I ♡ VOL aims to make the core ideas accessible to anyone who is curious about how the options market works, and to present them in a way that is quick to read on both desktop and mobile.

Contact

Please note that we cannot provide personal investment advice. See the Disclaimer for details.