Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility. The VIX Index is an implied volatility index that measures the market's expectation of 30-day S&P 500® volatility implicit in the prices of near-term S&P 500 options. VIX is quoted in percentage points, just like the standard deviation of a rate of return.
http://en.wikipedia.org/wiki/VIX
http://www.cboe.com/micro/vix/vixoptions.aspx
VIX white book
http://www.cboe.com/micro/vix/vixwhite.pdf
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