Implied move
The one standard deviation price move the options market prices for a horizon, from at-the-money implied volatility.
The implied move turns implied volatility into a price range: ATM implied volatility multiplied by the square root of the days to expiry over 365 gives one standard deviation of the expected move, shown as a share of spot and in dollars. On our options page each expiry carries its own implied move, and a constant 30 day version is recorded daily for BTC and ETH. How to read it: it sizes the range the market is paying for, not the direction; real returns are not normally distributed, so treat it as a scale rather than a probability.
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