The tape, read straight.
Our running read on what the tape actually did — volatility, the curve, credit, the dollar. The concepts and the public numbers are free. The base rates and the read are for members.
Latest from The Dial
VIX 95th Percentile at 19.42: A Relative Spike, Not Panic
The October 30 close put volatility near the top of its recent range while the gauges that track structural stress stayed normal.
VIX at 17.52, 87th Percentile: Why Level and Rank Disagree
A modest VIX close on October 27 ranked near the top of its recent window. Here is why level and rank can disagree.
VIX at 19.45, 97th Percentile: Elevated, Not Inverted
A volatility reading near the top of its recent window, next to a term structure and yield curve that kept their normal shape on 2026-10-23.
Low VIX, High Rank: 16.68 Landed in the 83rd Percentile
On the 2026-10-21 close, a low VIX reading ranked high against its own recent past while every other gauge kept its normal shape.
VIX at 17.31, 90th Percentile: When Calm Is Relative
A middling VIX on the October 20 close ranked high against its recent past. Here is why level and rank are different questions.
VIX 19.99 in the 97th Percentile: A Tape at Odds With Itself
A sub-20 VIX that still ranks in the 97th percentile of the prior 60 sessions is the kind of split signal worth slowing down for.
Low VIX at 16.87: Calm Reading, 82nd-Percentile Range
A low volatility print and a high percentile rank are not a contradiction. On the October 14 close, they were the same fact.
Low VIX at 15.27: What a Calm Tape Actually Says
A quiet October close, read straight: low volatility, a normal curve, and tight credit — and why none of that is a prediction.
Low VIX at 14.84: What a Quiet Tape Really Signals
A low-volatility, contango, normal-curve configuration as it printed on the October 9, 2026 settle — and what that reading does and does not tell you.
Low VIX at 15.08: Reading a Calm Tape From Oct 7
The October 7, 2026 close printed a textbook calm configuration — here is what each number meant and what it did not.
Low VIX at 15.01: How to Read a Quiet Tape
A calm volatility print, a positive curve, and tight credit — what the October 6 close actually showed, and what it does not promise.
Low VIX at 15.31: A Calm Tape With One Loud Dollar
Most of the October 2 close read quiet and normal — except for one measure sitting near the top of its range.
Low VIX at 16.39, But the 67th Percentile Tells More
A calm, coherent tape on the October 1 close — with one asterisk hiding in the volatility percentile.
VIX 16.34 but 65th Percentile: Calm Isn't Quiet
A 16.34 VIX close looks sleepy until you see it ranked in the upper third of its own recent range.
VIX 16.07 in Contango: How to Read a Calm Tape
A quiet settle is still information — here is what the September 28 tape printed, and why calm is a configuration, not a verdict.
Low VIX at 14.21: How to Read a 0th-Percentile Tape
On the 2026-09-22 close, volatility sat at the floor of its 60-day range while the curve and credit stayed orderly.
Low VIX at 14.21: What a Dead-Calm Tape Means
A guide to reading a quiet volatility tape, using the FRED end-of-day closes from the 2026-09-22 session.
VIX 17.10 but 75th Percentile: Reading a Split Tape
A low VIX print and a high percentile rank are not a contradiction — they measure two different things, and on 2026-09-14 they split.
VIX at 16.46: A Calm Tape That Still Sat Mid-Range
A low headline VIX and a still-positive curve on the 2026-09-09 close — and why calm is a reading, not a verdict.
Low VIX at 14.32: Reading a Dead-Calm Tape
A near-record-quiet volatility read on the 2026-09-03 close, and what a calm configuration does and does not tell you.
Low VIX at 15.2: How to Read a Quiet Tape
A low VIX, a calm term structure, and a normal curve on the September 2 close — what that configuration means and what it does not.
Low VIX at 14.51: What a Dead-Quiet Tape Signals
The tape barely had a pulse on the 2026-08-27 close. Reading a quiet market is a skill, not a day off.
Low VIX at 15.21: What a Quiet Tape Actually Tells You
On the 2026-08-26 close, volatility, the yield curve and credit spreads all sat on the calm side. A quiet tape is a reading, not a forecast.
Low VIX at 15.85: How to Read a Quiet Tape
The August 24, 2026 close was a textbook quiet tape — and quiet tapes are the ones most readers skip.
Low VIX at 16.01: How to Read a Calm Tape
A low VIX, a normal curve and tight credit on one August close — what a quiet tape teaches when you read it straight.
Low VIX at 14.89: What a Calm Tape Really Signals
On the August 19, 2026 close, four gauges agreed the tape was calm — and a calm tape is a readable signal, not a boring one.
Low VIX at 15.19: How to Read a Quiet Tape
A near-bottom VIX, a contango vol surface, and a normally sloped curve on the 2026-08-17 close — and why quiet prints still deserve a read.
Low VIX at 14.63: Reading a 2nd-Percentile Tape
What the 2026-08-13 close printed: a 14.63 VIX in contango, a normally sloped curve, and tight credit — a textbook quiet session.
VIX at 14.55, 0th Percentile: Reading a Calm Tape
What the market printed on the August 12 close, and how to read a quiet tape without kidding yourself.
Low VIX at 15.46: Why a Calm Tape Still Matters
On the 2026-08-10 close, volatility, its term structure, the yield curve and credit all sat calm. Here is how to read a quiet tape.
VIX at 15.15: A 2nd-Percentile Tape, Read Straight
The 2026-08-06 close printed one of the quarter's calmest volatility readings across equity vol, the yield curve, and credit alike.
VIX at 17.09 and a Normal Curve: Reading a Quiet Tape
A middle-of-the-range VIX and a normally sloped curve on the July 30 close — a quiet tape, read straight.
VIX 20.66 in the 95th Percentile: Read the Whole Tape
A high VIX percentile and a calm term structure printed on the same close. That divergence is the lesson.
VIX 18.67 at 83rd Percentile: Elevated but Still Calm
One volatility close, two stories: a spot level near the top of its recent range sitting on top of a term structure that still read normal.
VIX 18.7 at the 85th Percentile: Calm Level, Tense Range
A calm VIX level sitting high in its own recent range on the 2026-07-23 close, and why that gap is the signal, not the drama.
Low VIX at 16.64: How to Read a Calm July Tape
A quiet close is still a data point. Here is what the 2026-07-22 tape printed, and how to read it without inventing drama.
VIX 18.65, 83rd Percentile: When Calm and High Disagree
One VIX print, two readings: a calm curve shape and a stretched percentile, both describing the same July 20, 2026 close.
Low VIX at 16.73: How to Read a Quiet Tape
The 2026-07-16 close printed a calm tape across volatility, rates, and credit. Here is what that configuration means and what it does not.
Low VIX at 15.67: What a Quiet Tape Actually Tells You
What a low-volatility, upward-sloping, tight-credit close on 2026-07-15 actually told you — and what it did not.
A Market Maker Shows Up: Susquehanna and Rothera
Institutional event-market infrastructure matters more than picks: a market maker, a regulated venue, and the plumbing that connects them.
The Dial: Calm Tape, Normal Curve, Tight Credit
A plain-English read of low volatility, a normal yield curve, and tight credit without turning calm conditions into a forecast.
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