OptionsTape.Trade guide

Trade IV, Feed IV, Surface IV, and Vol Edge Explained

Definitions for Trade IV, Feed IV, Mid IV, Surface IV, and Vol Edge in options flow analysis.

Direct answer: Trade IV is the implied volatility solved from the actual option print price when the model solve is available and sanity checked. It shows the volatility level paid or received on the trade itself.

What is Trade IV?

Trade IV is the implied volatility solved from the actual option print price when the model solve is available and sanity checked. It shows the volatility level paid or received on the trade itself.

What is Feed IV?

Feed IV is the implied volatility carried on the print by the upstream options data feed. OptionsTape.Trade displays it as a fact-check against the internal solve when the two differ enough to matter.

What is Surface IV?

Surface IV is the model fair-volatility estimate for the contract. It is built from the sg-risk-engine volatility surface and is used as the baseline for whether a trade printed rich or cheap.

What is Vol Edge?

Vol Edge is the difference between the trade or feed volatility context and the model surface. A positive edge means the print traded above fair volatility; a negative edge means it traded below the surface.

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