The NQ's US session: 3:30 pm to 10 pm
VXN, VIX and the volatility regime: adapting distances
The distances in this course are given in points, and they are wrong half the year. The NQ at low volatility and the NQ at high volatility are not the same market: same book, same read, but sweeps twice as deep and targets twice as far. A yardstick is needed, and it is implied volatility.
The VXN
The VXN is to the Nasdaq-100 what the VIX is to the S&P 500: the annualised implied volatility of 30-day options. It generally quotes 4 to 8 points above the VIX, because the Nasdaq is more volatile. In 2026, a VXN under 18 is a calm market, between 18 and 25 a normal market, above 25 an agitated market, above 35 a crisis.
The figure becomes useful once converted to points:
The rest of this lesson is for students
- Recalibrating distances
- The regime, not the level
- The VIX stays useful
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