📐 1-Month Skew
The Skew page plots the 1-month risk reversal— call IV minus put IV at the same delta — next to the underlying price. It's a direct readout of whether the market is paying up more for calls or puts, and how that balance is shifting over time.
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1-Month Skew — price candles above, risk-reversal series below
What the Chart Shows
- Top panel — price candlesticks for the selected ticker (SPY, QQQ, IWM or SPX).
- Bottom panel — 1-month risk reversal: positive means calls are richer than puts; negative means puts are richer.
- Bias badge — labels the current skew as CALL, PUT or NEUTRAL based on the most recent value.
How to Read It
- Negative and deepening — Put-side demand is rising faster than call-side. Typically a defensive tape.
- Rising toward zero / turning positive — Put hedges being unwound or upside calls bid up.
- Flat near zero for long stretches — Market is pricing symmetric risk. Often seen in low-volatility regimes.
💡 Skew and price often move together — a sharp drop in risk reversal while price is still rising can signal that protection is being accumulated under the rally.
🔑 Key Takeaways
- Risk reversal = call IV − put IV at matching delta
- Positive = calls richer; negative = puts richer
- Four tickers supported: SPY, QQQ, IWM, SPX
- Pair the skew series with price to spot hedging shifts