Skew Surface

Two heatmaps, one answer: where is fear concentrated, and is the market hedging tails?

The risk reversal heatmap shows directional skew (OTM put IV minus call IV) across 4 tenors over time. The butterfly heatmap shows total tail demand (both wings vs ATM). Read them together: when both spike on the same tenor, conviction is high. When only the front end is dark, it is an event hedge.