Curve

What It Shows

The Curve view renders the full volatility smile across all strikes for a selected expiration. Where Fixed Delta Vols tracks specific delta levels through time, Curve gives you a spatial snapshot of the entire surface at any moment — and how that shape has evolved over the session.

This is the most direct view of smile structure: you can see the exact shape of put skew, call skew, wing elevation, and ATM level all at once.

Reading the Chart

The x-axis represents strike price. The y-axis is implied volatility. The smile is plotted as a curve across all active strikes for the selected expiration.

Features of the smile to watch:

• Slope — The overall tilt from left (puts) to right (calls). A steep negative slope means puts are significantly more expensive than calls.
• Wing elevation — How much the far tails rise above the body of the smile
• ATM level — The minimum point of the smile, representing the market's base vol estimate
• Asymmetry — Whether the put wing and call wing are elevated by similar or different amounts

Error Bars

The Theo-Vol Error Bars toggle adds uncertainty bands around each strike's implied vol estimate. Wider bars indicate strikes where the market is less liquid and the vol read is less reliable. Narrow bars indicate well-quoted, liquid strikes.

Use error bars when evaluating whether a spike in wing vol is real or an artifact of a wide market.

DTE Filter

The DTE selector populates automatically with all live expirations for the selected ticker. Each expiration has its own smile shape — near-term expirations tend to be more skewed, while longer-dated expirations tend toward a flatter, more symmetric smile.

Switch between expirations to compare how the market is pricing different tenors.