مؤشر Cboe SKEW

# About Cboe SKEW Index

The Cboe SKEW Index is an indicator that measures the risk of extreme price movements, particularly tail risk, in the S&P 500 Index options market. This index reflects the extent to which market participants are willing to pay insurance premiums against large decline events and indicates the degree of market uncertainty and fear.

The SKEW Index fluctuates around a center of 100, with higher values indicating that investors are more strongly concerned about extreme downside risks. Generally, it tends to fluctuate in the range of 100 to 150, and when it exceeds 120, it is considered a state of high "tail risk premium." This index differs from the VIX Index (Volatility Index), which measures daily market volatility, by focusing on longer-term and more extreme possibilities of price movements.

The SKEW Index is important because it can detect potential market vulnerabilities early. Periods when this index rises sharply often precede financial crises or market panics and are utilized in risk management by institutional investors and portfolio managers. Additionally, the relative movements between the SKEW Index and the VIX Index are useful for understanding more nuanced aspects of market psychology.

Key points to watch include that when the SKEW Index rises sharply, it suggests that market participants are strengthening their concerns about unexpected major movements, indicating a phase where investment strategy reviews are necessary. Conversely, movement at low levels indicates relative market stability, but may also lead to excessive confidence.