Stocks

VIX

The VIX is the market's expected volatility for the S&P 500 over the next 30 days, computed from the prices of a strip of near-term SPX options rather than from past price moves. It is quoted as an annualized percentage: a VIX of 20 implies roughly a 20% annualized move, about 5.8% over a month. Sub-15 readings mark complacency, 20-30 stress, and 40+ has accompanied every major crisis. It spikes far faster than it decays, and because it moves inversely to equities it is used as a crypto risk-appetite proxy.