Hermēs DocumentationVol Curve (Smile tab)
The twin-smile view covers the near and next-near IV smile, skew, term slope and expected intraday ±1σ, and lets you click a point on the curve to send a leg straight into the Strategy Workshop. It now lives as the Smile tab of Vol Intelligence. Requires Pro.
Vol Curve is the lightweight twin-smile view: near vs next-near IV smile, skew, term slope and expected intraday ±1σ, with click-to-leg straight into the Strategy Workshop. It is the fastest way to jump from "curve shape" to "order structure". Requires Pro.
How to open it: ＋ New Window → Vol & Unusual Flow → Vol Intelligence → Smile tab. It used to be a standalone window (vol_curve), but its content is identical to the Vol Intelligence smile tab (the same twin-smile chart with skew / term / IV-rank readouts), so it was retired from the menu rather than leaving one dataset behind two doors. Existing windows in old layouts still render and behave exactly as before.
For the full set of dimensions (VRP, implied distribution, Vanna·Charm), switch tabs within the same window — see 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, staying on the Smile tab is snappier than working through 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 Intelligence, switch to the Smile tab, 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
Where do I open Vol Curve?
In the Options Desk choose "＋ New Window → Vol & Unusual Flow → Vol Intelligence" and switch to the Smile tab. The standalone Vol Curve window has been retired from the menu, though existing instances in old layouts keep working.
How is the Smile tab different from the other Vol Intelligence tabs?
The Smile tab focuses only on the IV smile, skew, term and expected move — ideal for a quick read of curve shape; the other tabs in the same window add 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.
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 unified bench for structure design and risk metrics. Requires Pro.