{"slug":"what-is-implied-volatility","qid":"iv_skew","label":"SPY put IV rises as strikes fall: the volatility skew (2026-07-13)","post_title":"What Is Implied Volatility? IV, Explained","post_url":"/blog/what-is-implied-volatility#q-iv_skew","columns":["put_moneyness","avg_iv_pct"],"rows":[{"put_moneyness":"deep ITM put","avg_iv_pct":10.8},{"put_moneyness":"ITM put (0.55-0.75)","avg_iv_pct":12},{"put_moneyness":"ATM (~0.50)","avg_iv_pct":14.2},{"put_moneyness":"OTM put (0.15-0.35)","avg_iv_pct":17.2},{"put_moneyness":"far OTM put (|d|<0.15)","avg_iv_pct":31.8}],"shape":"ranking","sql":"SELECT multiIf(delta>-0.15,'far OTM put (|d|<0.15)',delta>-0.35,'OTM put (0.15-0.35)',\n               delta>-0.55,'ATM (~0.50)',delta>-0.75,'ITM put (0.55-0.75)','deep ITM put') AS put_moneyness,\n       round(avg(implied_volatility) * 100, 1) AS avg_iv_pct\nFROM global_markets.options_greeks\nWHERE date = '2026-07-13' AND underlying_symbol = 'SPY' AND option_type = 'P' AND days_to_expiry BETWEEN 20 AND 45\nGROUP BY put_moneyness ORDER BY avg(delta)","computed_at":"2026-08-13T14:44:46.912357+00:00","elapsed":0.001744232}