{"id":120056,"date":"2022-01-21T12:53:00","date_gmt":"2022-01-21T17:53:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=120056"},"modified":"2023-02-10T13:31:52","modified_gmt":"2023-02-10T18:31:52","slug":"the-vix-curve-starts-to-pay-attention","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/the-vix-curve-starts-to-pay-attention\/","title":{"rendered":"The VIX Curve Starts to Pay Attention"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Today is 2022\u2019s three-week birthday.&nbsp; So far, for better or worse, <a href=\"\/campus\/traders-insight\/securities\/macro\/2022-outlook-big-waves-ahead\/\">our 2022 outlook is looking prescient<\/a>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The primary theme is for investors to expect more volatility than we\u2019ve seen over the past year-and-a-half<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in the S&amp;P 500 Index (SPX) and over 3% reversal in the NASDAQ 100 (NDX), the market\u2019s \u201cfear gauge\u201d has been slow to catch up.&nbsp; Those of you who have followed my work are likely well aware of my view that the CBOE Volatility Index (VIX) is <a href=\"\/campus\/traders-insight\/securities\/macro\/vix-is-not-now-nor-has-it-ever-been-the-fear-index\/\">not constructed as a fear gauge<\/a> \u2013 it\u2019s meant to measure the market\u2019s best estimate of volatility over the next 30 days \u2013 but VIX\u2019s tendency to inversely correlate with SPX allows market observers to interpret movements in VIX as reflecting traders\u2019 nervousness.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I prefer not to view the level of VIX in isolation, but instead to analyze spot VIX (the level of the index that is commonly quoted) versus VIX futures.&nbsp; Think of this this way, does it matter much if VIX is 18, 20, or 23?&nbsp; Without context, that level is difficult to interpret.&nbsp; It is much more useful to look at VIX in conjunction with where traders see volatility in the future.&nbsp; Consider the chart below:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vix-futures-curves-today-green-yesterday-orange-2-days-ago-red-last-week-blue\"><strong>VIX Futures Curves, Today (green), Yesterday (orange), 2 Days Ago (red), Last week (blue)<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"622\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/image-93.png\" alt=\"VIX Futures Curves, Today (green), Yesterday (orange), 2 Days Ago (red), Last week (blue)\" class=\"wp-image-120085 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/image-93.png 975w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/image-93-700x447.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/image-93-300x191.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/image-93-768x490.png 768w\" data-sizes=\"(max-width: 975px) 100vw, 975px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 975px; aspect-ratio: 975\/622;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As recently as a week ago, even as markets were starting to display increasing volatility, we saw spot VIX below 20.&nbsp; But more importantly we saw a relatively steep curve sloping up and to the right.&nbsp; In futures markets this is called \u201ccontango\u201d, and is the normal state of affairs if the commodity in question (in this case volatility) is in plentiful supply.&nbsp; Simply put, traders were not clamoring for volatility protection even as markets had become more volatile.&nbsp; This is something we <a href=\"\/campus\/traders-insight\/securities\/macro\/a-couple-of-risk-off-days-do-not-make-a-crisis-yet\/\">first noted two weeks ago<\/a>, noting that:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Until or unless we see VIX futures either rise to those levels we saw last month, or we see an inversion in the futures curve, it is too early to say that investors are truly nervous.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, they\u2019re a bit more nervous now.&nbsp; Notice that in the graph above, spot VIX exceeds the level of all the subsequent futures.&nbsp; When futures are higher in the front months than in the back, it is called \u201cbackwardation\u201d and implies a relative scarcity of the commodity at present.&nbsp; It is clear that traders have begun to clamor for protection.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, the curve is still in contango from the first future on.&nbsp; Truly panicky markets show backwardation throughout the whole curve.&nbsp; We are seeing mild nervousness \u2013 it\u2019s hard to imagine that investors remain truly sanguine after what we\u2019ve seen in this short week (in the US) and in the year thus far \u2013 but they\u2019re not freaking out either.&nbsp; Today\u2019s bounce off the SPX 200-day moving average shows that many traders are still utilizing traditional support levels to either cover shorts or as an entry point for longs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is a time for investors to show discipline.&nbsp; The market\u2019s psychology may be changing after one of the greatest risk-on periods in history.&nbsp; Changing times demand changing tactics, as <a href=\"\/campus\/traders-insight\/securities\/macro\/when-does-sell-the-rips-replace-buy-the-dips\/\">we noted earlier this week<\/a>.&nbsp; And if the recent volatility spooked you, it is a sign that you have exceeded your risk tolerance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the market\u2019s \u201cfear gauge\u201d has been slow to catch up.  <\/p>\n","protected":false},"author":4,"featured_media":103221,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21,17,14700,18,6,8,9,22,26,3],"tags":[860],"contributors-categories":[13576],"class_list":["post-120056","post","type-post","status-publish","format-standard","has-post-thumbnail","category-commodities","category-futures","category-ibkr-market-insights","category-macro","category-north-america","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-volatility","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The VIX Curve Starts to Pay Attention | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/120056\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The VIX Curve Starts to Pay Attention | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the market\u2019s \u201cfear gauge\u201d has been slow to catch up.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-21T17:53:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:31:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"The VIX Curve Starts to Pay Attention\",\n\t            \"datePublished\": \"2022-01-21T17:53:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:31:52+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/\"\n\t            },\n\t            \"wordCount\": 587,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/market-volatility.jpg\",\n\t            \"keywords\": [\n\t                \"volatility\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Commodities\",\n\t                \"Futures\",\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/\",\n\t            \"name\": \"The VIX Curve Starts to Pay Attention | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/market-volatility.jpg\",\n\t            \"datePublished\": \"2022-01-21T17:53:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:31:52+00:00\",\n\t            \"description\": \"Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the market\u2019s \u201cfear gauge\u201d has been slow to catch up.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-vix-curve-starts-to-pay-attention\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/market-volatility.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/market-volatility.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"This One Weird Volatility Trick\u2026\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The VIX Curve Starts to Pay Attention | Traders' Insight","description":"Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/120056\/","og_locale":"en_US","og_type":"article","og_title":"The VIX Curve Starts to Pay Attention | IBKR Campus US","og_description":"Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the market\u2019s \u201cfear gauge\u201d has been slow to catch up.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/","og_site_name":"IBKR Campus US","article_published_time":"2022-01-21T17:53:00+00:00","article_modified_time":"2023-02-10T18:31:52+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"The VIX Curve Starts to Pay Attention","datePublished":"2022-01-21T17:53:00+00:00","dateModified":"2023-02-10T18:31:52+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/"},"wordCount":587,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg","keywords":["volatility"],"articleSection":["Commodities","Futures","IBKR Insights","Macro","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/","name":"The VIX Curve Starts to Pay Attention | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg","datePublished":"2022-01-21T17:53:00+00:00","dateModified":"2023-02-10T18:31:52+00:00","description":"Despite the eye-catching moves we have seen over the past few weeks, including yesterday\u2019s 2.5% reversal in SPX and over 3% reversal in NDX, the market\u2019s \u201cfear gauge\u201d has been slow to catch up.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/the-vix-curve-starts-to-pay-attention\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg","width":1000,"height":563,"caption":"This One Weird Volatility Trick\u2026"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/09\/market-volatility.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/120056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=120056"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/120056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/103221"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=120056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=120056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=120056"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=120056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}