Free options analytics for Delta Exchange India — BTC, ETH & Gold
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BTC and ETH both register high-confidence contango/carry regimes but diverge on realized-vs-implied vol, while XAUT's thin data set leaves its engine with no decisive structural edge.
BTC sits in an 83%-confidence Carry/Calendar regime: term structure is in steep contango (+11.0 pts), VRP is modestly positive (+0.6 pts), and gamma walls at 80,000 bracket spot (79,919) with balanced flow. Max pain (79,800) sits near spot, consistent with the range-bound tape the regime describes.
ETH registers a 92%-confidence Carry/Calendar regime with steep contango (+13.1 pts), but VRP is negative (-1.8 pts, RV 49% above the blended IV benchmark) — a direct tension between a term structure that rewards carry and a realized-vol print that has been outrunning implied, which the engine resolves by favoring diagonals and long-premium structures over plain calendars.
XAUT sits in a low-confidence (40%) Mixed/Quiet regime: VRP is modestly negative (-1.5 pts, RV 24.5%), the tape is described as quiet, and with no flow or DVOL data available the engine's top-ranked structures cluster tightly in the Fair band with no decisive edge.
Informational and educational only. A conditions synthesis, not a signal, forecast, or investment advice.
What matters right now — the regime, the numbers, and today's playbook — in one screen. Conditions read from live BTC & ETH options data, not trade advice.
The 30-second read
BTC implied vol sits in the 45th percentile of its ~30 DTE history, with options pricing 0.6 points more vol than realized, the term structure is in contango (+10.7 pts), and price is trending higher (+1.5% / 7d). Calendars and diagonals harvesting the term-structure edge are favored.
ETH implied vol sits in the 41st percentile of its ~30 DTE history, with realized vol running 1.8 points above implied, the term structure is in contango (+13.0 pts), and price is range-bound. Calendars and diagonals harvesting the term-structure edge are favored.
With realized vol running 1.5 points above implied, and price is range-bound. No structure has a clear edge here.
Today's Playbook
What the current regime favors — and what to sit out — from the live ranking engine. Conditions-based structure ideas, not trade signals or advice.
Why it fits: contango term structure, quiet realized movement.
- ✓Steep contango (+10.7 pts)
- ✗IV not cheap (45th pctile)
- ✓Front decay funded (VRP +0.6)
- ✗Trending up
Why it fits: contango term structure, uptrend.
Watch: negative VRP (RV > IV).
- ✓Steep contango (+13.0 pts)
- ✗IV not cheap (41st pctile)
- ✗VRP negative
- ✓Range-bound tape
Why it fits: quiet realized movement, negative VRP (RV > IV).
- ✓VRP near zero
- ✓Tape quiet
Dig deeper
The full read
Global options market context
Deribit · 30d DVOL indexThe world's options market for scale — analytics on this site cover Delta Exchange, where these contracts actually trade in INR margin.
ATM implied volatility term structure
Mean of call/put mark IV at the strike nearest spot, per expiry (settlement 12:00 UTC · 5:30 PM IST).
BTC expiries
Rank in Expiry Radar →| Expiry | Score | DTE | ATM IV | Exp. move | Straddle | PCR (OI) |
|---|---|---|---|---|---|---|
| 2026-09-07 | 51 | 1.0 | 27.8% | ±1.2%Med | $924.17 | 0.55 |
| 2026-09-08 | 43 | 2.0 | 30.5% | ±1.8%High | $1,435 | 0.80 |
| 2026-09-09 | 39 | 3.0 | 32.5% | ±2.3%High | $1,878 | 0.00 |
| 2026-09-11 | 67 | 5.0 | 34.5% | ±3.2%Low | $2,571 | 1.29 |
| 2026-09-18 | 70 | 12.0 | 36.9% | ±5.3%High | $4,262 | 1.18 |
| 2026-09-25 | 67 | 19.0 | 36.0% | ±6.5%Low | $5,235 | 5.25 |
| 2026-10-30 | 57 | 54.0 | 36.9% | ±11.3%High | $9,050 | 1.18 |
| 2026-11-27 | 53 | 82.0 | 38.5% | ±14.6%High | $11,639 | 1.10 |
ETH expiries
Rank in Expiry Radar →| Expiry | Score | DTE | ATM IV | Exp. move | Straddle | PCR (OI) |
|---|---|---|---|---|---|---|
| 2026-09-07 | 55 | 1.0 | 38.9% | ±1.6%Med | $40.48 | 0.47 |
| 2026-09-08 | 33 | 2.0 | 37.2% | ±2.2%High | $54.79 | 2.04 |
| 2026-09-09 | 36 | 3.0 | 39.4% | ±2.8%High | $71.12 | — |
| 2026-09-11 | 50 | 5.0 | 43.4% | ±4.0%Low | $101.24 | 0.41 |
| 2026-09-18 | 64 | 12.0 | 47.1% | ±6.8%High | $170.44 | 0.75 |
| 2026-09-25 | 61 | 19.0 | 48.1% | ±8.7%Low | $218.78 | 2.18 |
| 2026-10-30 | 56 | 54.0 | 50.3% | ±15.4%High | $385.4 | 0.87 |
| 2026-11-27 | 51 | 82.0 | 51.9% | ±19.6%High | $489.63 | 0.91 |
XAUT expiries
Rank in Expiry Radar →| Expiry | Score | DTE | ATM IV | Exp. move | Straddle | PCR (OI) |
|---|---|---|---|---|---|---|
| 2026-09-07 | 70 | 1.2 | 21.2% | ±0.9% | $41.99 | 0.94 |
| 2026-09-11 | 72 | 5.2 | 23.1% | ±2.2% | $96.65 | 0.79 |
IV rank & percentile are coming — history collection started 21 Jul 2026 and the view unlocks once enough snapshots accumulate. Data refreshes every minute.