MONEY GLOBE XOptions Strategies & Greeks · Lesson 5
Volatility skew and term structure
Reading the shape of implied volatility
Professional - Gold & Platinum
In this lesson
Read skew (risk reversals) and the volatility term structure to see what the options market is worried about.
Key takeaways
- Skew: implied volatility differs across strikes; equity puts usually trade richer than calls.
- 25-delta risk reversal = IV of the 25-delta call − IV of the 25-delta put.
- Term structure: normally upward sloping; an inversion signals near-term stress or an event.
- Crypto skew can flip positive in strong rallies (upside chasing).
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Educational information only - not financial advice.