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By VolRadar · Friday, February 20, 2026 · Updated after market close
The volatility landscape presents a mixed picture for premium sellers heading into the close, with VIX at 19. 1 down 7. 3% over five days but still anchored by a moderately elevated regime score of 78. Term structure remains constructively steep at 0.
905 in contango, supporting short premium strategies, though VRP breadth sitting at just 50% signals uneven volatility distribution across the complex. SPY stands out as your most attractive candidate with an exceptionally tight RV ratio of 0. 03, suggesting realized volatility has collapsed relative to option pricing, while VZ offers a more balanced 0.
10 ratio for those seeking intermediate expirations. K's elevated 0. 42 ratio warrants caution despite the neutral weather score, indicating realized vol is pricing in more conviction than your models are capturing. Focus your new positions on SPY calls and broad index credit spreads where term structure supports carry, but remain selective on individual stock plays until VRP breadth improves above 55%.
Conditions favor premium selling
Look for tickers with RV ratio < 0.85 and strong confidence signals
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