VIX term structure compares near-term vol (VIX) to 3-month vol (VIX3M). Contango (VIX < VIX3M) is the normal, calm state where option sellers are generally favoured. Backwardation (VIX ≥ VIX3M) means near-term fear is spiking — the regime where selling premium historically breaks down, so sellers stand down or size down.

Fear & Greed (0–100) gauges market emotion. Extreme fear can mean rich premium but higher risk; extreme greed often means complacency and thin premium.

Movers are read through a seller's eyes: big losers carry elevated implied vol (richer premium) but must be vetted — no earnings due, not a falling knife. Big gainers are overbought — context for covered calls, not chasing.

This is general market context, not a recommendation. Specific trade ideas, sizing, and risk gates live in the members' tools.