What is Forward Implied Volatility? This is an implied volatility that can be derived from two points on a volatility term structure by solving an expected variance equation. It tells us the markets expectations of future realized volatility for a period starting in the future. Interested in learning more? Related articles What is Gamma in Next Expiration? What is Gamma Flip? What is Gamma, Market Gamma and/or Total Market Gamma? What is Implied Volatility? What is the Gamma Pinning Effect?