Disclaimer: The below information is intended to describe hypothetical scenarios and should not be considered trading or investment advice.

Condition: When upcoming calendar events have heightened IV, as shown on the Term Structure tab tab, consider putting on a calendar spread. 

• Check to see if the IV is at the higher end of the grey shaded area (cone) or above it, indicating high relative nearterm IV.
• If so, you could sell a short-dated call option that captures the event and simultaneously buy a longer-dated call option, at least 30 days out in duration.

Pro tip: Review the Forward IV Adjustment view in the Term Structure chart to account for time-to-expiration, if this curve lies above the Term Structure curve for a date in question there may be a heightened expectation of volatility for that specific date. 

For more information, check out our videos on the Volatility Dashboard:

SpotGamma Alpha subscribers can access the SpotGamma Volatility Dashboard here.