Reading VIX: What a Level of 20 Means for the Daily Move
A VIX of 20 means the options market has priced roughly 20% annualized movement in the S&P 500 over the next 30 days — about ±1.25% a day, or ±5.7% over the month. Here is the conversion, the 16-versus-19.10 gap, and where it breaks.