Options · Exposure, levels, volatility and OI

Options volatility term structure

At-the-money implied volatility by expiration, constant-maturity points and forward volatilities.

GET/v1/options/volatility/term-structureoptionsVolatilityTermStructure

API Developer Overnight data: API Pro Streamable MCP tool: options_volatility_term_structure History-bounded Dataset: options

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Example request
Parameters
Response
Example response
Related

The implied volatility of each listed expiration with its forward and expected move, the volatility interpolated to 7, 14, 30, 60, 90, 180 and 365 days, the forward volatility between consecutive expirations (null when the interval is under a day or the variance is inverted) and the slopes between 7, 30 and 60 days. When an SPX third-Friday expiration has both an AM (SPX) and a PM (SPXW) root, only the later one is on_curve. Volatilities are decimals solved by the platform.

Example request

curl -sS --get "https://api.ordermap.si/v1/options/volatility/term-structure" \
  -H "Authorization: Bearer $ORDERMAP_API_KEY" \
  --data-urlencode underlying_symbol=SPXW

const params = new URLSearchParams({
  underlying_symbol: "SPXW",
});
const res = await fetch(`https://api.ordermap.si/v1/options/volatility/term-structure?${params}`, {
  headers: { Authorization: `Bearer ${process.env.ORDERMAP_API_KEY}` },
});
if (!res.ok) throw new Error(`${res.status} ${await res.text()}`);
const { data, meta } = await res.json();
console.log(data, meta.coverage);

Set ORDERMAP_API_KEY to your key. Replace the dates with a recent trading date.

Parameters

8 parameters, 1 required.

Parameter	Type and limits	Description
`underlying_symbol`queryrequired	stringat most 8 characterspattern ^[A-Za-z][A-Za-z0-9.]{0,7}$	Option root or family: SPX covers the SPX and SPXW roots, SPXW only the weekly root, QQQ, NDXP, RUTW, XSP ...
`date`queryoptional	stringdate	Trading date (YYYY-MM-DD). Default: the current session, else the most recent completed one.
`session`queryoptional	stringrthgthdefault rth	Trading session: rth is the regular session, gth the overnight (global trading hours) session before the trading date. Overnight data requires the Pro plan and exists only for underlyings with an overnight session; GET /v1/options/sessions shows which.
`measure`queryoptional	stringatmdelta_banddefault atm	atm: the at-the-money volatility; delta_band: the mean volatility of contracts with an absolute delta within min_abs_delta and max_abs_delta.
`min_abs_delta`queryoptional	numbermin 0max 1	Delta band only: lower bound of the absolute delta.
`max_abs_delta`queryoptional	numbermin 0max 1	Delta band only: upper bound of the absolute delta.
`contract_type`queryoptional	stringcallput	Calls or puts. Omit for both.
`max_dte`queryoptional	integerdefault 400min 1max 1000	Longest expiration, in days.

Response

Status	Meaning	Body
`200`	Successful response.	Schema below
`400`	Invalid, unknown or repeated parameters, or an invalid cursor.	Error object
`401`	Missing or invalid API key.	Error object
`403`	The plan, dataset release or account state does not allow this request.	Error object
`422`	The request is valid but no data exists for it.	Error object
`429`	Rate limit, burst limit or cooldown; wait Retry-After seconds.Retry-After	Error object
`500`	Internal error.	Error object
`503`	Data temporarily unavailable; retry after Retry-After seconds.Retry-After	Error object
`504`	The request timed out.	Error object

Authenticated responses carry the X-RateLimit-* headers (see rate limits); 429 and 503 add Retry-After.

200 response body

dataobjectrequiredImplied volatility term structure.28 fields inside
- constant_maturityarray<object>requiredVolatility interpolated to fixed maturities.2 fields inside
  - daysintegerrequiredMaturity in days.
  - implied_volatilitynumber | nullrequiredInterpolated volatility; null beyond the listed expirations.
- expirationsarray<object>requiredListed expirations, soonest first.8 fields inside
  - date_of_expirystringdaterequiredExpiration.
  - days_to_expiryintegerrequiredDays from the trading date.
  - expected_movenumber | nullrequiredOne-standard-deviation expected move: price x volatility x square root of time.
  - forwardnumber | nullrequiredForward price.
  - forward_volatilitynumber | nullrequiredVolatility implied between the previous expiration and this one; null for the first, for intervals under a day and for inverted variance.
  - implied_volatilitynumber | nullrequiredImplied volatility.
  - on_curvebooleanrequiredThe expiration is on the term curve (false for the AM root when a PM root expires the same day).
  - underlying_symbolstringrequiredOption root of the expiration.
- measurestringrequiredatm or delta_band.atmdelta_band
- rootsarray<string>requiredOption roots included.
- sessionstringrequiredSession valued.rthgthcurball
- slopeobjectrequiredTerm slopes.2 fields inside
  - iv30_minus_iv7number | nullrequired30-day minus 7-day volatility.
  - iv60_over_iv30number | nullrequired60-day over 30-day volatility.
- trading_datestringdaterequiredTrading date valued.
- underlying_symbolstringrequiredThe requested underlying.
- valuationobjectrequiredWhat the snapshot was valued on.7 fields inside
  - chain_timestampinteger | nullunix-msrequiredTime of the option chain the valuation used. Unix epoch milliseconds (UTC).
  - open_interest_datestring | nulldaterequiredDate of the open interest the positioning is based on.
  - risk_free_ratenumber | nullrequiredContinuously compounded risk-free rate used.
  - timestampinteger | nullunix-msrequiredValuation time. Unix epoch milliseconds (UTC).
  - underlying_pricenumber | nullrequiredUnderlying price used.
  - underlying_stalebooleanrequiredThe underlying price is older than the freshness limit.
  - underlying_timestampinteger | nullunix-msrequiredTime of the underlying price. Unix epoch milliseconds (UTC).
metaobjectrequiredMeta object

Example response

{
  "data": {
    "constant_maturity": [
      {
        "days": 7,
        "implied_volatility": 0.152
      },
      {
        "days": 365,
        "implied_volatility": null
      }
    ],
    "expirations": [
      {
        "date_of_expiry": "2026-10-23",
        "days_to_expiry": 7,
        "expected_move": 41.2,
        "forward": 6026.3,
        "forward_volatility": 0.158,
        "implied_volatility": 0.152,
        "on_curve": true,
        "underlying_symbol": "SPXW"
      }
    ],
    "measure": "atm",
    "roots": [
      "SPX",
      "SPXW"
    ],
    "session": "rth",
    "slope": {
      "iv30_minus_iv7": 0.0054,
      "iv60_over_iv30": 1.0246
    },
    "trading_date": "2026-10-16",
    "underlying_symbol": "SPX",
    "valuation": {
      "chain_timestamp": 1792160995000,
      "open_interest_date": "2026-10-15",
      "risk_free_rate": 0.0412,
      "timestamp": 1792161000000,
      "underlying_price": 6021.4,
      "underlying_stale": false,
      "underlying_timestamp": 1792160999000
    }
  },
  "meta": {
    "as_of": 1760659200123,
    "coverage": {
      "complete": true
    },
    "delay_ms": 0,
    "delayed": false,
    "request_id": "0199f0c2-5a1e-7c3b-9d4e-2b6f8a1c3d5e",
    "source": "opra"
  }
}

Values are illustrative. Missing values are null, never 0.