# Implied Volatility (`options_volatility`) > ATM volatility, term structure, implied move size, 25-delta skew and IV versus realized volatility. BTC/ETH volatility-index history adds context. What options price for the size of a move — not its direction. - Category: Options - MCP tool: `options_volatility` - REST: `GET /options/volatility/{currency}` - MCP App: hosts that support MCP Apps render the result as an interactive view - x402 price: $0.01 per call (USDC on Base) - HTML: https://www.f1ow.com/docs/tools/options_volatility ## What it does Crypto options implied volatility: DVOL index with 1y percentile, ATM IV term structure (7/30/90d) and inversion, 25-delta risk reversal and butterfly per expiry, 30d IV vs realized volatility, spot–vol correlation, 24h/7d skew and term changes, and the implied 1σ move for 1/7/30 days — how fast a move options price, not its direction. Pass several underlyings ("BTC,ETH") to compare. ## Parameters | Name | Type | In | Required | Description | | --- | --- | --- | --- | --- | | `currency` | string | path | yes | Underlying symbol or comma-separated list (max 4), e.g. "BTC" or "BTC,ETH". | ## Call it ### cURL ```bash curl "https://mcp.f1ow.com/v1/options/volatility/BTC" \ -H "Authorization: Bearer $F1OW_API_KEY" ``` ### MCP ```json { "jsonrpc": "2.0", "id": 1, "method": "tools/call", "params": { "name": "options_volatility", "arguments": { "currency": "BTC" } } } ``` ### TypeScript ```ts const res = await fetch("https://mcp.f1ow.com/v1/options/volatility/BTC", { headers: { Authorization: `Bearer ${process.env.F1OW_API_KEY}` }, }); const data = await res.json(); // the tool's result as JSON, typed in the OpenAPI spec console.log(data); ``` ### Python ```python import os, requests res = requests.get( "https://mcp.f1ow.com/v1/options/volatility/BTC", headers={"Authorization": f"Bearer {os.environ['F1OW_API_KEY']}"}, ) data = res.json() # the tool's result as JSON, typed in the OpenAPI spec print(data) ``` ### WebSocket ```jsonc // wss://mcp.f1ow.com/v1/ws — subprotocol "jsonrpc-2.0", Authorization: Bearer { "jsonrpc": "2.0", "id": 1, "method": "tools/call", "params": { "name": "options_volatility", "arguments": { "currency": "BTC" } } } // Or push a fresh result whenever it changes (minimum interval 15 s) { "jsonrpc": "2.0", "id": 2, "method": "subscriptions/subscribe", "params": { "name": "options_volatility", "arguments": { "currency": "BTC" }, "intervalSeconds": 60 } } ``` ### x402 ```bash # No account: the first call answers 402 with a PAYMENT-REQUIRED challenge; # an x402 client pays it in USDC on Base and retries. curl "https://mcp.f1ow.com/x402/v1/options/volatility/BTC" ``` ## Sample response Captured 2026-11-13. The JSON is what REST and WebSocket return and the `structuredContent` of an MCP call (trimmed): ```json { "caveat": "Positioning and pricing, not direction: put/call ratios, skew and max pain do not predict price, and aggregate OI cannot show dealer gamma, who is long or short, or pinning. Max pain is a theoretical calculation.", "reads": [ { "atmIv": { "d30": 37.9250638590136, "d7": 38.9431753506621, "d90": 39.2867546169742, "source": "calculated" }, "changes": [], "dvol": { "at": "2026-11-13T00:00:00Z", "changeVsPriorDay": -0.840000000000003, "days": 367, "percentile": 38.0108991825613, "source": "reported", "value": 39.23 }, "expiries": [ { "atmIv": 37.3112471223181, "butterfly25": 0.731392513546965, "days": 1.99615429398148, "expiry": "2026-11-15T08:00:00Z", "forwardUsd": 68622.4, "riskReversal25": -6.85588547243289 }, { "atmIv": 36.0167155269591, "butterfly25": 0.905839276842123, "days": 2.99615429398148, "expiry": "2026-11-16T08:00:00Z", "forwardUsd": 68627.07, "riskReversal25": -5.47453702828677 }, { "atmIv": 38.5788987608621, "butterfly25": 0.458165640004495, "days": 3.99615429398148, "expiry": "2026-11-17T08:00:00Z", "forwardUsd": 68634.6425, "riskReversal25": -4.86940292993656 }, { "atmIv": 38.9446513215503, "butterfly25": 0.656100437715786, "days": 6.99615429398148, "expiry": "2026-11-20T08:00:00Z", "forwardUsd": 68670.3, "riskReversal25": -5.30908746486656 }, { "atmIv": 37.5770034274295, "butterfly25": 0.437361134222506, "days": 13.9961542939815, "expiry": "2026-11-27T08:00:00Z", "forwardUsd": 68764.16, "riskReversal25": -5.19406395577422 }, { "atmIv": 37.2297708474289, "butterfly25": 0.664317130408243, "days": 20.9961542939815, "expiry": "2026-12-04T08:00:00Z", "forwardUsd": 68826.94, "riskReversal25": -4.20658631115766 }, "… 5 more" ], "impliedMovePct": [ { "days": 1, "extrapolated": true, "pct": 1.95295993254966 }, { "days": 7, "extrapolated": false, "pct": 5.39304380590935 }, { "days": 30, "extrapolated": false, "pct": 10.8727778786336 } ], "indexPriceUsd": 68625.86, "meta": { "ageSeconds": 25, "observedAt": "2026-11-13T08:05:16Z", "provider": "Deribit", "underlying": "BTC" }, "notes": [], "realized30d": 35.9570037879743, "riskReversal25At30d": -4.13282585233276, "skewState": "PUTS OVER CALLS", "spotVolCorrelation90d": 0.176970695802054, "termSlope7dMinus30d": 1.01811149164851, "termState": "FLAT", "volPremium": 1.96806007103923 } ], "unavailable": [], "generatedAt": "2026-11-13T08:05:16Z" } ``` Over MCP the text report a model reads comes with it: ```text === BTC options volatility — Deribit === Observed 2026-11-13T08:05:16Z (25s ago) | spot index $68625.86 DVOL (reported 30d implied index): 39.2 | vs prior day -0.8 | 38th percentile of 367 daily closes ATM IV, constant maturity (calculated): 7d 38.9 | 30d 37.9 | 90d 39.3 → term FLAT (7d−30d +1.0 pts) 25Δ risk reversal 30d (calculated, call IV − put IV): -4.1 pts → PUTS OVER CALLS 30d realized (calculated, daily closes): 36.0 → IV premium (30d IV − realized) +2.0 pts Implied 1σ move (speed the market prices, not direction): 1d ±$1340.24 (±2.0%, front IV) | 7d ±$3701.02 (±5.4%) | 30d ±$7461.54 (±10.9%) Spot–vol correlation 90d (calculated, daily DVOL change vs log return): +0.18 Changes (stored hourly snapshots): n/a yet Per expiry (ATM IV | 25Δ RR | 25Δ fly): 15 Nov 2026 2.0d fwd $68622.40 ATM 37.3 | RR -6.9 | fly +0.7 16 Nov 2026 3.0d fwd $68627.07 ATM 36.0 | RR -5.5 | fly +0.9 17 Nov 2026 4.0d fwd $68634.64 ATM 38.6 | RR -4.9 | fly +0.5 20 Nov 2026 7.0d fwd $68670.30 ATM 38.9 | RR -5.3 | fly +0.7 27 Nov 2026 14.0d fwd $68764.16 ATM 37.6 | RR -5.2 | fly +0.4 4 Dec 2026 21.0d fwd $68826.94 ATM 37.2 | RR -4.2 | fly +0.7 25 Dec 2026 42.0d fwd $69032.72 ATM 38.4 | RR -4.0 | fly +0.8 29 Jan 2027 77.0d fwd $69404.18 ATM 39.0 | RR -3.9 | fly +0.8 26 Mar 2027 133.0d fwd $70015.13 ATM 39.8 | RR -3.5 | fly +0.9 25 Jun 2027 224.0d fwd $71007.39 ATM 40.2 | RR -2.5 | fly +0.8 Positioning and pricing, not direction: put/call ratios, skew and max pain do not predict price, and aggregate OI cannot show dealer gamma, who is long or short, or pinning. Max pain is a theoretical calculation. ``` ## Related tools - [Options Chain](https://www.f1ow.com/docs/tools/options_chain) — Calls and puts by strike and expiry: quotes, mark implied volatility, open interest and volume. Reported data is separated from calculated metrics, with coverage and thin-market caveats. - [Options Positioning](https://www.f1ow.com/docs/tools/options_positioning) — Put/call open interest, strike and expiry concentrations, expiring notional, theoretical max pain and recent option trades. One venue; aggregate open interest does not reveal who is long or short, and max pain is not a forecast. - [Gamma & Hedge Scenarios](https://www.f1ow.com/docs/tools/options_gamma) — Modeled gamma exposure, walls, flip levels and an options regime, with price, time and volatility what-ifs. Dealer hedge ladders depend on an explicit positioning scenario — theoretical sensitivity, not observed dealer orders. - [Options-Implied Odds](https://www.f1ow.com/docs/tools/options_probability) — Risk-neutral expiry probabilities above or below a price or inside a range, plus implied 68% and 90% ranges. Derived from options forwards and volatility, with smile adjustment where quoted — not calibrated real-world forecasts.