> ## Documentation Index
> Fetch the complete documentation index at: https://api.unusualwhales.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> API requests use the base URL https://api.unusualwhales.com and require a bearer token in the `Authorization` header (`Authorization: Bearer <API_KEY>`). Create and manage API tokens at https://unusualwhales.com/dashboard/api.
> For live market data inside an AI tool, use the Unusual Whales MCP server at https://unusualwhales.com/public-api/mcp.
> Instructions for agents using Unusual Whales tools: https://unusualwhales.com/skill.md

# IvTermStructure

> IvTermStructure is the ATM implied volatility and expected move for a single real option expiry. These entries form the term structure that InterpolatedIv interpolates onto fixed horizons.

Message
fields**6**
topic[iv-term-structure](/docs/kafka/topics/iv-term-structure.md)

**Proto definition**

```protobuf schema.proto theme={null}
message IvTermStructure {
  string ticker = 1;
  string date = 2;
  string volatility = 3;
  string expiry = 4;
  string implied_move = 5;
  string implied_move_perc = 6;
}
```

## Fields

The number on the right of each row is the protobuf field number.

ticker
string
1

The ticker of the underlying

date
string
2

The trading date in YYYY-MM-DD format

volatility
string
3

The ATM implied volatility for this expiry as a decimal string, taken as the average of the ATM call and put implied volatilities.

expiry
string
4

The expiry of the chain in YYYY-MM-DD

implied\_move
string
5

The expected absolute move of the underlying in dollars by this expiry as a decimal string.

implied\_move\_perc
string
6

The expected move as a fraction of the underlying price by this expiry as a decimal string.