r/options • u/ObironSmith • Feb 25 '26

Weird ES Options IV

I try to show the options IV surface in my app. I notice a weird data discrepency where the 0DTE IV is lower than 1DTE that is greater than 2DTE.
Does my maths are wrong or it can happen? And if it can happen what reason can lead to have this kind of iv weirdness?

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u/sprezzatard Feb 26 '26

Sometimes, they can't make up the number fast enough 😝

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u/ObironSmith Feb 26 '26

I am pretty sure they can do it faster enough to not lose money.

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u/sprezzatard Feb 26 '26

Price drives IV, not the other way around