{"slug":"iv-term-structure-explained","qid":"nvda_daily_spread","label":"NVDA front band vs 91-180 day band: median near-the-money IV per session, Feb 10 to Mar 14, 2025","post_title":"IV Term Structure: What the Curve Tells You","post_url":"/blog/iv-term-structure-explained#q-nvda_daily_spread","columns":["session_date","front_iv_pct","back_iv_pct","front_minus_back_pts"],"rows":[{"session_date":"2025-02-10","front_iv_pct":64.1,"back_iv_pct":51.7,"front_minus_back_pts":12.4},{"session_date":"2025-02-11","front_iv_pct":66.4,"back_iv_pct":51.2,"front_minus_back_pts":15.2},{"session_date":"2025-02-12","front_iv_pct":67.3,"back_iv_pct":51.6,"front_minus_back_pts":15.6},{"session_date":"2025-02-13","front_iv_pct":67.9,"back_iv_pct":51.4,"front_minus_back_pts":16.5},{"session_date":"2025-02-14","front_iv_pct":64.5,"back_iv_pct":51,"front_minus_back_pts":13.5},{"session_date":"2025-02-18","front_iv_pct":69,"back_iv_pct":49.5,"front_minus_back_pts":19.4},{"session_date":"2025-02-19","front_iv_pct":64.4,"back_iv_pct":49.2,"front_minus_back_pts":15.1},{"session_date":"2025-02-20","front_iv_pct":64.3,"back_iv_pct":49,"front_minus_back_pts":15.3},{"session_date":"2025-02-21","front_iv_pct":72.4,"back_iv_pct":50.1,"front_minus_back_pts":22.3},{"session_date":"2025-02-24","front_iv_pct":77.5,"back_iv_pct":51.9,"front_minus_back_pts":25.6},{"session_date":"2025-02-25","front_iv_pct":84.9,"back_iv_pct":52.8,"front_minus_back_pts":32.2},{"session_date":"2025-02-26","front_iv_pct":76.4,"back_iv_pct":51.7,"front_minus_back_pts":24.7},{"session_date":"2025-02-27","front_iv_pct":66.4,"back_iv_pct":50,"front_minus_back_pts":16.4},{"session_date":"2025-02-28","front_iv_pct":56.6,"back_iv_pct":50.9,"front_minus_back_pts":5.7},{"session_date":"2025-03-03","front_iv_pct":69.8,"back_iv_pct":53.6,"front_minus_back_pts":16.3},{"session_date":"2025-03-04","front_iv_pct":80.9,"back_iv_pct":51.9,"front_minus_back_pts":29},{"session_date":"2025-03-05","front_iv_pct":67,"back_iv_pct":51.2,"front_minus_back_pts":15.8},{"session_date":"2025-03-06","front_iv_pct":71.9,"back_iv_pct":52.3,"front_minus_back_pts":19.6},{"session_date":"2025-03-07","front_iv_pct":65,"back_iv_pct":51.2,"front_minus_back_pts":13.7},{"session_date":"2025-03-10","front_iv_pct":78.3,"back_iv_pct":55,"front_minus_back_pts":23.4},{"session_date":"2025-03-11","front_iv_pct":68.2,"back_iv_pct":52.7,"front_minus_back_pts":15.6},{"session_date":"2025-03-12","front_iv_pct":67.4,"back_iv_pct":52.9,"front_minus_back_pts":14.4},{"session_date":"2025-03-13","front_iv_pct":61.9,"back_iv_pct":51.8,"front_minus_back_pts":10.1},{"session_date":"2025-03-14","front_iv_pct":54.4,"back_iv_pct":51.1,"front_minus_back_pts":3.3}],"shape":"series","sql":"SELECT toDate(date) AS session_date,\n       round(100 * quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                days_to_expiry BETWEEN 5 AND 20), 1) AS front_iv_pct,\n       round(100 * quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                days_to_expiry BETWEEN 91 AND 180), 1) AS back_iv_pct,\n       round(100 * (quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                 days_to_expiry BETWEEN 5 AND 20)\n                  - quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                 days_to_expiry BETWEEN 91 AND 180)), 1) AS front_minus_back_pts\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'NVDA'\n  AND date >= toDate('2025-02-10')\n  AND date < toDate('2025-03-15')\n  AND iv_converged = 1\n  AND volume > 0\n  AND implied_volatility BETWEEN 0.05 AND 5\n  AND abs(toFloat64(delta)) BETWEEN 0.35 AND 0.65\n  AND ((days_to_expiry BETWEEN 5 AND 20) OR (days_to_expiry BETWEEN 91 AND 180))\nGROUP BY session_date\nHAVING countIf(days_to_expiry BETWEEN 5 AND 20) >= 3\n   AND countIf(days_to_expiry BETWEEN 91 AND 180) >= 3\nORDER BY session_date","computed_at":"2026-08-04T13:34:08.348468+00:00","elapsed":0.003476106}