{"id":"vol-iv-rank","category":"volatility","title":"IV Rank and IV Percentile","summary":"Where current IV sits relative to its own history — determines sell vs buy premium.","trigger":{"always":false,"sectors":[],"tickers":[],"regimes":[]},"ttl_hours":168,"content":{"definitions":{"IVR":"IV Rank = (IV_current - IV_min) / (IV_max - IV_min) × 100 — where in the 52-week range","IVP":"IV Percentile = % of days in past year where IV was LOWER than today — more robust than IVR"},"strategy_selector":{"IVR_above_50_and_IVP_above_50":"Options expensive — SELL premium: credit spreads, iron condors, strangles. Target 30-45 DTE.","IVR_below_25_and_IVP_below_25":"Options cheap — BUY premium: debit spreads, calendars, long calls/puts. Avoid selling.","mixed_signals":"Neither extreme — use directional bias from regime and sector to decide."},"proxy_for_iv":"Use 30-day historical volatility (HV30) of the underlying as IV proxy when live IV data unavailable (yfinance limitation).","verdict":"IVP is more reliable than IVR because single outlier spikes don't distort it. High IVR/IVP = sell the fear, collect premium. Low IVR/IVP = buy before the catalyst, ride the vega expansion."}}