Hermēs DocumentationVol Curve
Vol Curve is a lightweight window focused only on the near and next-near IV smile, skew, term slope and the expected intraday ±1σ, and it lets you click a point on the curve to send a leg straight into the Strategy Workshop. Requires Pro.
Vol Curve is a lightweight single volatility window: it shows only the near vs next-near IV smile, skew, term slope and expected intraday ±1σ, and lets you click on the curve to leg straight into the Strategy Workshop. It is the fastest way to jump from "curve shape" to "order structure". Requires Pro.
Open it in the Options Desk via ＋ New Window → Vol & Unusual Flow → Vol Curve. For the full set of dimensions (VRP, implied distribution, Vanna·Charm), use Vol Intelligence.
Who it is for
Options / volatility traders. When you only want to quickly judge "which way the smile leans today, is the term rising or inverted, how far might price travel intraday" and immediately pull a strike into a strategy, Vol Curve is snappier than the full panel.
Panel walkthrough
Twin-smile chart (click to leg)
Overlays the near vs next-near IV smile. Act on the chart to create legs: click = buy, Shift+click = sell, Alt+click = toggle C/P; after selecting, it confirms added to Strategy Workshop.
Metrics grid
One screen gives ATM IV (near / next-near), skew (Put − Call), term slope (Contango up / Backwardation inverted), IV percentile, expected intraday ±1σ, and OTM distance percentage.
How to read it
Skew heavily toward Puts (downside protection rich) → panic / defensive buying, be careful going long. Term in backwardation (near high / far low) → front-month event or panic, sell-near/buy-far favored. Low IV percentile + narrowing ±1σ → volatility cheap, consider long-vol structures like a straddle.
Typical workflow
- Open Vol Curve and first read which way skew leans and whether term is rising or inverted.
- Use the expected ±1σ to set today's reasonable range.
- Click/Shift/Alt on the smile to pick legs, auto-sent to the Strategy Workshop.
- Back in the Strategy Workshop, check max P/L and theoretical PoP, then decide.
Next steps
Frequently asked questions
How is Vol Curve different from Vol Intelligence?
Vol Curve is a lightweight single window that focuses only on the IV smile, skew, term and expected move — ideal when you just want a quick look at the curve; Vol Intelligence is the full panel, adding tabs like the implied distribution, VRP and Vanna·Charm.
How do I turn a point on the curve into a leg?
On the twin-smile chart, click = buy that strike, Shift+click = sell, Alt+click = toggle Call/Put; the selected leg is sent straight into the Strategy Workshop.
What subscription does Vol Curve need?
Vol Curve is a Pro window — log in with a Pro or higher subscription.
Vol Intelligence
Vol Intelligence is the options trader's volatility command center — five tabs covering IV percentile and variance risk premium, skew, term structure, the market-implied probability distribution (Breeden-Litzenberger) and Vanna·Charm hedging flow. Requires Pro.
Strategy Workshop
The Strategy Workshop turns a GEX structural read into a concrete option combo — from template legs, P&L curve and theoretical probability of profit to live P&L and Greeks attribution — a one-stop bench for structure design and risk metrics. Requires Pro.