What is Term Structure? The way for investors to see implied volatility across maturities. Technically, this is the curve that comes from plotting ATM (at the money) implied vol on the y-axis and time to maturity on the x-axis. Different maturity options can trade at different implied volatility levels. Related articles What is Time to Maturity? What is Total Call OI (Open Interest)? What is Volatility Skew? What is Time Value? What is Top Put OI (Open Interest)?