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Optix market-wide options intelligence

S&P 500 Volatility Constellation

See where options look richer or cheaper than recent stock movement, then combine that with price location and tradeability to find ideas worth researching. The board is a discovery tool, not a promise of profit.

Checking freshnessLoading snapshot
Checking the daily price, IV and level-structure alignment...Refresh target: once per US market session, after the close.The checkpoint uses one complete S&P 500 price publication. Constellation then refreshes IV, realized volatility, liquidity and price levels after the US close. A stock stays visible while it is awaiting refresh, but it is marked Refresh Pending and excluded from strategy candidates until every input matches the checkpoint date.
Options market snapshot
Equal-weight view of mapped S&P 500 constituents
Options priced above recent movement
In plain EnglishThis is the share of stocks where options imply more movement than the stock delivered over the last 30 days.How to use itA positive gap is the first clue that selling premium may deserve research.ImportantThis gap is a VRP proxy. The true volatility risk premium is known only after future movement occurs.
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of mapped stocks
Comparing option pricing with recent movement...
Typical pricing gap
In plain EnglishThis subtracts trailing 30-day realized volatility from near-30-day at-the-money implied volatility.How to use itPositive can mean options look richer. Zero or negative can mean options look cheaper compared with recent movement.ImportantRecent movement can understate an approaching earnings, news or market event.
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vol points
Calculating the typical pricing gap...
Tradeable starting points
What it measuresMapped names with a liquidity score of at least 50 and at least two usable near-the-money contracts.How to read itThese names offer a better starting point for research based on displayed spreads and quote size.Keep in mindLiquidity changes quickly. Always inspect the live contract and use a limit order.
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companies
Checking quote quality...
Board coverage
What it measuresCurrent S&P 500 members with a complete IV spread, liquidity reading and level state.How to read itHigher coverage makes breadth statistics more representative.Keep in mindNames without complete option or price data are excluded rather than estimated.
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mapped / total
Checking S&P 500 coverage...
Options pricing breadth
Select a band to filter the map.
Loading coverage...
Option strategy research matrix
Use this after scanning the map. Select a cell to isolate the matching research candidates.
Checking IV history...
Columns: price location →Rows: option pricing ↓
Near supportPrice is close to a zone where buyers previously responded
Near resistancePrice is close to a zone where sellers previously responded
Rich premiumPositive pricing gap and high IV rank
Cheap optionalityZero or negative pricing gap and low IV rank
Opportunity explorer
Filter the index, inspect the board and open the underlying Optix analysis
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Left to right: how options are pricedLeft looks cheaper compared with recent stock movement. Right looks richer.
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Bottom to top: how elevated option pricing isHigher means IV ranks higher among S&P 500 peers while price history builds.
Higher pricing, weaker value
Richer premium
Cheaper options
Lower pricing, mixed value
Near supportBetween levelsNear resistanceEarnings within 7 daysEx-dividend within 7 daysLarger bubble means easier to trade
Select a bubble to see the option setup in plain English.
How the board works
Every visual channel has one job. Missing measurements stay missing.
Options pricing from left to rightToday's near-30-day ATM IV minus trailing 30-day realised volatility. Right looks richer; left looks cheaper compared with recent movement.
Current IV level from bottom to topThe stock's own 252-session IV percentile when ready. Until then, the board clearly says it is using today's S&P 500 peer rank.
Tradeability shown by bubble sizeBubble size emphasises relative bid-ask cost and displayed quote size. Open interest is supporting evidence only.
Price location shown by colourColour shows whether price is near deterministic support, between levels, or near resistance. Distance is measured in ATR.
Event risk shown by ringsGold marks earnings. A dashed violet ring marks an ex-dividend date. Both can change option behaviour quickly.
Exact risk stays in full OptixMaximum loss becomes exact only after expiration, strikes and net debit or credit are selected in the full Optix analysis.
Research tool, not a trading instruction. A positive pricing gap may compensate sellers for future jump, event and tail risk. Support and resistance do not establish probability of profit. Skew, term structure, bid-ask cost, dividends, assignment exposure and maximum loss still need review.
Read the full Constellation methodology. Research context: Cboe option-based strategies paper, Cboe volatility trading considerations and Cboe volatility risk premium study. These studies concern benchmark index strategies and do not prove an edge for an individual stock.