{"slug":"what-is-the-vix","qid":"term_structure","label":"SPY at-the-money implied volatility by time to expiry, July 15, 2026","post_title":"What Is the VIX? What It Really Measures","post_url":"/blog/what-is-the-vix#q-term_structure","columns":["days_to_expiry_bucket","atm_iv_pct","contracts"],"rows":[{"days_to_expiry_bucket":"0-7 days","atm_iv_pct":9.6,"contracts":16},{"days_to_expiry_bucket":"8-21 days","atm_iv_pct":10.8,"contracts":40},{"days_to_expiry_bucket":"22-45 days","atm_iv_pct":13,"contracts":56},{"days_to_expiry_bucket":"46-90 days","atm_iv_pct":13.7,"contracts":58},{"days_to_expiry_bucket":"91-180 days","atm_iv_pct":14.9,"contracts":42},{"days_to_expiry_bucket":"180+ days","atm_iv_pct":17.3,"contracts":60}],"shape":"ranking","sql":"SELECT multiIf(days_to_expiry <= 7, '0-7 days',\n               days_to_expiry <= 21, '8-21 days',\n               days_to_expiry <= 45, '22-45 days',\n               days_to_expiry <= 90, '46-90 days',\n               days_to_expiry <= 180, '91-180 days',\n               '180+ days') AS days_to_expiry_bucket,\n       round(avg(implied_volatility) * 100, 1) AS atm_iv_pct,\n       count() AS contracts\nFROM global_markets.options_greeks\nWHERE date = toDate('2026-07-15')\n  AND underlying_symbol = 'SPY'\n  AND abs(delta) BETWEEN 0.45 AND 0.55\n  AND iv_converged\n  AND implied_volatility BETWEEN 0.02 AND 3\nGROUP BY days_to_expiry_bucket\nORDER BY min(days_to_expiry)","computed_at":"2026-08-14T14:35:09.891098+00:00","elapsed":0.002187301}