Volatility Surface
A 3D view of implied volatility across both strike prices and expiration dates.
Explanation
The volatility surface extends skew (across strikes) and term structure (across expirations) into one framework. Shape changes in the surface can affect relative-value trades, hedging, and model calibration.
Example
A steep downside skew in near-term expirations with flatter long-dated skew is a surface feature traders may target.