{video} CVOL convexity is the ratio of CVOL (implied 30-day forward volatility) divided by the market’s at-the-money implied volatility. It measures the excess variance in the out-of-the-money options strike prices relative to the at-the-money options. This metric is useful for assessing the market's level of uncertainty and its expectations for future price movements. Higher convexity indicates greater price volatility for out-of-the-money options relative to the current market price. This suggests increased market uncertainty about future price movements, with the expectation that the underlying futures price will ... (full story)