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. Related articles What is Gamma in Next Expiration? What is Gamma Flip? What is Implied Volatility? What is the Gamma Pinning Effect? What is Gamma, Market Gamma and/or Total Market Gamma?