VIX Ref VIX Ref is the price of the VIX at the time the SpotGamma data was calculated. Why does VIX Ref matter? A large change in VIX may mean that implied volatility has shifted significantly. How to use VIX Ref A higher VIX likely means options market makers have added short hedges which adds market selling pressure. A lower implied volatility means options market makers may add buying pressure. Related articles Volatility Skew What is the difference between At-the-Money, In-the-Money and Out-of-the-Money Options? What is COR1M (1-Month Correlation) and the Dispersion Trade? Structural Dealer Positioning Calendar Spreads