What is the Options Risk Reversal index chart? The SpotGamma Risk Reversal tells you how expensive puts are relative to calls. This measures, inherently, the amount of skew. On the y-axis, you can see our internal measurement of the value of the risk reversal across the dates on the x-axis. By watching how the implied volatility moves relative to a call tells us about demand. If the metric goes down, that tells us that the demand for put options has increased. This is a measurement of bearishness, which can often mark the bottom of a near term range. Conversely, if the measurement goes up, that means there is more relative demand for calls, and this can mark a near term top of the range for the market. Keeping an eye on the price of puts relative to calls, via the SpotGamma Risk Reversal, can give you a sense of how investors are positioning themselves and help you get ahead of potential market tops and market lows based on these metrics. SpotGamma Subscribers can access this chart for the SPX, SPY, NDX, QQQ, RUT and IWM. Related articles What are the Index Historical Charts? What is the SpotGamma HIRO Indicator? Risk Reversal What is the index Concentration Table? What is the SpotGamma Vanna Model?