Definition
Percent of sessions in the lookback window whose constant-maturity ATM IV was strictly below today's (0–100). Distinct from IV Rank.
Parameters
Asset, Lookback period (default 252 days)
Output range: 0–100
Example condition
`IVPercentile(QQQ, 252) < 20` (IV lower than on 80% of the past year)Usage notes
IV Percentile answers 'how often was IV lower?'; IV Rank answers 'where is IV in its high-low range?'. Ship both — they disagree near spikes.
Use in a strategy
Add this indicator to a strategy condition, choose its supported parameters and compare the output with the threshold required by your rule. Preserve the same interval and lookback when comparing backtests.
After saving the condition, inspect its asset, interval, lookback and comparison operator against the parameters above. If no trades occur, check whether the condition ever became true and whether the requested input data exists for that period. A missing input is not a zero-valued signal. An indicator produces an input to a rule. It does not establish future returns, and data availability can differ across assets and periods.