Group 1: Definitions - Financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. Commodity option implied volatility index is obtained by weighting the IVs of the two strike prices above and below the at - the - money option of the main contract month, reflecting the IV change trend of the main contract [3] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher than HV, and a smaller difference means IV is relatively lower [3] Group 2: Implied Volatility and Historical Volatility Charts - Charts show the IV, HV, and IV - HV differences of various products including 300 index, 50ETF, 1000 index, 500ETF, cotton, sugar, rubber, PTA, crude oil, methanol, iron ore, copper, PVC, rebar, urea, gasoline, aluminum, zinc, etc. from different time periods [4][6][7][8] Group 3: Implied Volatility and Historical Volatility Quantiles - Implied volatility quantiles represent the current IV level of a product in history. High quantiles mean current IV is high, and low quantiles mean current IV is low. Volatility spread is the difference between IV and HV [19] - The implied volatility quantiles of different products are provided, such as PTA (0.85), PVC (0.72), etc. [21]