Current state of the options market: Implied volatility (IV) has fallen back to a low expectation level. Looking at the 3-month options time frame, the IV across the entire price range remains relatively suppressed — indicating that the market does not expect significant volatility in the next 90 days. In other words, traders generally believe that a sharp market move is unlikely in the near term, and market sentiment has returned to calm. This environment of low volatility expectations often signifies that the market is entering a consolidation phase.