{"slug":"iv-term-structure-explained","qid":"nvda_earnings_curve","label":"NVDA term structure either side of the February 26, 2025 report: median near-the-money IV by expiry band","post_title":"IV Term Structure: What the Curve Tells You","post_url":"/blog/iv-term-structure-explained#q-nvda_earnings_curve","columns":["expiry_band","iv_before_print_pct","iv_after_print_pct","iv_drop_pts"],"rows":[{"expiry_band":"5-20 days","iv_before_print_pct":84.9,"iv_after_print_pct":66.4,"iv_drop_pts":18.5},{"expiry_band":"21-45 days","iv_before_print_pct":67.3,"iv_after_print_pct":56,"iv_drop_pts":11.3},{"expiry_band":"46-90 days","iv_before_print_pct":56.2,"iv_after_print_pct":53.4,"iv_drop_pts":2.8},{"expiry_band":"91-180 days","iv_before_print_pct":52.8,"iv_after_print_pct":50,"iv_drop_pts":2.8},{"expiry_band":"181-365 days","iv_before_print_pct":50,"iv_after_print_pct":49,"iv_drop_pts":1}],"shape":"ranking","sql":"SELECT multiIf(days_to_expiry <= 20, '5-20 days',\n               days_to_expiry <= 45, '21-45 days',\n               days_to_expiry <= 90, '46-90 days',\n               days_to_expiry <= 180, '91-180 days',\n               '181-365 days') AS expiry_band,\n       round(100 * quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                toDate(date) = toDate('2025-02-25')), 1) AS iv_before_print_pct,\n       round(100 * quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                toDate(date) = toDate('2025-02-27')), 1) AS iv_after_print_pct,\n       round(100 * (quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                 toDate(date) = toDate('2025-02-25'))\n                  - quantileDeterministicIf(0.5)(toFloat64(implied_volatility), cityHash64(ticker),\n                                                 toDate(date) = toDate('2025-02-27'))), 1) AS iv_drop_pts\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'NVDA'\n  AND date >= toDate('2025-02-25')\n  AND date < toDate('2025-02-28')\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 365\nGROUP BY expiry_band\nHAVING countIf(toDate(date) = toDate('2025-02-25')) >= 3\n   AND countIf(toDate(date) = toDate('2025-02-27')) >= 3\nORDER BY min(days_to_expiry)","computed_at":"2026-08-04T13:34:08.252484+00:00","elapsed":0.004103949}