Volatility
Cboe Volatility Index (VIX)
A measure of the 30-day volatility implied by S&P 500 option prices; often called the market's 'fear gauge'.
VIX chart
- Proxy
- Index CFD
- Intraday · may be delayed
- CAPITALCOM:VIX
This chart uses Capital.com's VIX CFD, which tracks VIX-related pricing and is not the official Cboe VIX index. Its level can differ from the published VIX. The VIX is an index level, not a dollar price, and has no trading volume of its own.
About the VIX
The Cboe Volatility Index (VIX) estimates the market's expectation of S&P 500 volatility over the next 30 days. Cboe calculates it from the prices of a wide strip of SPX options, so it reflects what traders are paying for protection and exposure, not realized movement.
VIX is quoted in annualized percentage points. A VIX of 20 implies an expected annualized standard deviation of roughly 20% for the S&P 500, or about 20 ÷ √12 ≈ 5.8% over a month. It is an expectation priced into options, not a forecast with any guarantee.
VIX tends to rise when stocks fall sharply, because demand for downside protection increases. It is mean-reverting over long horizons but can stay elevated during stress. The index itself cannot be bought; exposure comes through VIX futures, VIX options and exchange-traded products whose behaviour differs from the spot index.
What moves VIX
Common drivers. None of them determine price on their own.
- Equity drawdowns
- Sharp falls in the S&P 500 typically lift demand for puts and push VIX higher. Calm, grinding rallies tend to compress it.
- Scheduled event risk
- Implied volatility often firms into FOMC meetings, CPI and payrolls and can drop after the event passes — the so-called volatility crush.
- Term structure
- VIX futures usually trade above spot VIX (contango) in calm markets and below it (backwardation) in stress. This shape heavily affects VIX futures and ETP returns.
- Options positioning
- Dealer hedging and the popularity of short-dated options strategies can influence how implied volatility responds to moves.
VIX trading hours
Regular schedules in US Eastern time unless noted. Holidays and early closes are not shown.
| Venue | Hours | Note |
|---|---|---|
| VIX index calculation | During SPX option trading hours, including the 9:30 a.m. – 4:15 p.m. ET US session | — |
| VIX futures (Cboe Futures Exchange) | Nearly 24 hours, Sunday evening to Friday afternoon | Daily maintenance halt; see Cboe for exact times |
Economic events that matter for VIX
Why each release can move this market. Reactions depend on the surprise versus expectations and on the backdrop.
| Event | Why it can matter for VIX |
|---|---|
| FOMC Next: | Implied volatility often builds into a Fed decision and can fall once the uncertainty is resolved — though a surprise in the statement, projections or press conference can do the reverse. |
| CPI Next: | Because CPI can move rates and stocks sharply, S&P 500 options often carry an event premium into the release. That premium can drain after an in-line print or expand if the number surprises. |
| NFP Next: | The VIX reflects S&P 500 option prices over the next 30 days, so the jobs report matters through how much it changes the outlook for equity risk; a report that resolves uncertainty can let implied volatility ease. |
VIX FAQ
What does a VIX of 20 mean?
It means S&P 500 options are priced for annualized volatility of about 20%. Dividing by the square root of 12 converts that to roughly a 5.8% one-standard-deviation move over the next month. It is a market-implied expectation, not a prediction.
Why does the VIX go up when stocks go down?
When stocks fall, investors tend to buy protective puts and options sellers demand more premium, which raises implied volatility. The relationship is strong on average but not guaranteed on every day.
Can you buy the VIX?
No. The VIX index is a calculation, not an asset. Exposure is available through VIX futures, VIX options and exchange-traded products, all of which can behave very differently from the spot index because of the futures term structure.
Why doesn't the chart match the VIX quote I see elsewhere?
The official Cboe VIX index is not available in TradingView's embeddable widgets, so this page charts a CFD derived from VIX futures. Use it for direction and context, and check Cboe for the official index value.