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 Total Call OI (Open Interest) Top Put OI (Open Interest) Volatility Skew What is The Hedge? When will I receive the SpotGamma Daily Founder's Notes?