Precision English for Markets: Vols and Implied Volatility Phrasing for Confident Call Confirmations

Step 1: The market‑standard sentence frame for vols and implied volatility

In professional markets, implied volatility (IV) is described in a fixed, compact order so that any listener can reconstruct the instrument, the point on the surface, and the movement relative to a reference. Your goal is to deliver one sentence that anchors four items: underlying, expiry, strike (or moneyness), and the volatility value, optionally with a change and a time reference. The standard order is: underlying → expiry → strike/moneyness → volatility level → change/reference → context/time.

Use a simple, repeatable frame:

• Underlying: Name it once, using the conventional short form. Keep it unambiguous: “EURUSD,” “S&P,” “Brent,” “USDJPY.” If a ticker is standard for the audience, use it consistently.
• Expiry: Give a clean label (for options, “Jan 24,” “1‑month,” “end‑Sep”). If precision matters, add the exact expiry date right after the tenor.
• Strike or moneyness: State the absolute strike or a relative anchor: “at‑the‑money (ATM),” “25‑delta call,” “25‑delta put,” “90% strike,” “1.25 strike.” Use the term the desk expects for that asset class.
• Volatility level: Say the vol as a number with a clear unit. Traders often say “vols” to mean percentage points of implied volatility. For example, “24.3 vols” means 24.3% implied volatility. Keep the unit consistent throughout the call.
• Change/reference: If you mention movement, compare to a point in time: “up 80 basis points of vol since the close,” “down half a vol on the day,” “2 vols higher vs last week.” For IV, 1 vol = 1 percentage point of IV. If you use basis points, clarify “vol basis points” to avoid confusion with yield bps.
• Context/time: Anchor when the observation applies: “as of now,” “since the open,” “from yesterday’s close,” “at 10:15 London.” Time stamps reduce disputes on recorded lines.

A clean phrasing template that fits most situations is:

• “Underlying; expiry; strike/moneyness; volatility level; movement vs reference; time/context.”

For example—without giving a full dialogue—imagine that when you speak, you fill each slot in that order, without extra adjectives, and you pause slightly between slots. The effect is a compressed, professional snapshot of the volatility surface that anyone can parse.

When you refer to a surface rather than a single point, name the segment then give the levels in a consistent sweep order (e.g., “puts to calls” or “low strikes to high strikes”). For skews and smiles, the order is usually: ATM → put wing (25d put) → call wing (25d call). State each level precisely and then the relative changes, keeping the same direction and unit across the series.

Finally, make your audience comfortable with how you label the underlying spot or forward. If you are anchoring to a forward, say it explicitly before you name the strike (“on the one‑month forward”). If you are quoting moneyness as a percentage of spot, state the base (“90% of spot”). The professional tone comes from precision and the predictable sequence of information.

Step 2: Number clarity and pronunciation conventions for vol statements

On recorded lines and fast markets, numbers must be unmistakable. Two problems cause mishearing: (1) the shape of teens versus tens, and (2) decimals spoken too quickly. Establish rules for how you pronounce each category so there is no ambiguity.

• Single‑digit and whole‑number vols: Say the number distinctly with the unit. “Eight vols,” “twenty‑four vols.” Avoid slang that can be misheard. Keep the unit “vols” so listeners do not confuse the figure with a price level.
• Decimals: Use a controlled rhythm. Say the whole number, then “point,” then each decimal digit. “Twenty‑four point three.” If two decimals are material, read both digits: “twenty‑four point three five.” Do not compress decimals into fast speech; articulation prevents costly errors.
• Teens versus tens: Over‑enunciate the “‑teen” ending. For “fifteen,” give a clear stress on the second syllable. For “fifty,” keep a clean, clipped ending. On a noisy line, you can add a short confirmation tag: “one‑five” versus “five‑zero” for pure numbers, but only when needed. For volatility, keep the unit attached: “fifteen vols,” “fifty vols.”
• Changes and deltas: Vol changes are commonly quoted in “vols” or “vol basis points.” A “half‑vol” means 0.5 vols. A “handle” in vol is a whole vol point. Be explicit if you switch to basis points: “up eighty vol basis points” equals “up zero‑point‑eight vols.” Do not mix yield bps and vol bps.
• Percentages vs vols: Implied volatility is a percentage, but in trader speech, “vols” functions as the unit. If you must use the percentage word, say “percent implied volatility” once, then revert to “vols.” Avoid saying “percent” and “vols” together for the same figure.
• Negative and directional language: Always include direction and sign when discussing changes. “Up one vol,” “down thirty vol bps,” “wider by half a vol.” Avoid bare numbers without “up” or “down,” which can be misinterpreted as levels.
• Large numbers and ranges: For bands or corridors, step through the range in a slow, rising cadence: “twenty‑three to twenty‑five vols.” For ranges within a surface, label the endpoints: “put wing nineteen; ATM twenty‑two; call wing twenty‑four.” Keep the count and the order consistent.

Pronunciation micro‑habits help on recorded lines:

• Pause around decimals and after each unit. The listener’s mental buffer needs time.
• Keep sibilants (“six,” “seven”) crisp. Consider saying “zero” instead of “oh.”
• Repeat any number that includes both a teen and a decimal: “seventeen point eight—one seven point eight—vols,” to lock in accuracy when the cost of error is high.

Finally, clock times should be said with the time zone: “ten‑fifteen London,” “nine‑thirty New York.” This removes ambiguity for cross‑region calls. If you use a 24‑hour format, maintain it consistently: “fourteen‑thirty London.”

Step 3: Applying phrasing to common scenarios

Professional phrasing adapts to the situation but preserves the core sentence frame. Here are the most common contexts you will face and how to shape your language within the frame, without adding extra chatter.

• Vanilla vol point quoting: When giving a single point on the surface, anchor the underlying, expiry, strike/moneyness, and level. For minor moves, include the change versus the relevant anchor (yesterday’s close, today’s open, or last trade). The listener should be able to record your statement as a precise data point with its reference.
• Surface or skew description: When describing the smile, define the path you will take across the surface—ATM first, then wings—or by deltas (25d put, ATM, 25d call). Keep a constant unit and a constant comparison point. If the day’s move differs by segment, label the segment before saying the move. Maintain the same order for level then change, or change then level, across all three points.
• Moves versus previous close or last: State your reference explicitly. “Versus yesterday’s close,” “since the last print,” or “on the day.” When markets are gapping, make the time anchor clear so that your counterpart knows whether the move is intraday or cumulative.
• Quoting around a trade: When you give or receive a quote, you must separate firm prices from indications. Use conditional language: “indicative,” “subject,” “checking,” “firm.” Then lock the numbers with a time stamp. If you refer to a vol level that implies a premium, name the vol first and then, if needed, the translated premium, clarifying assumptions (spot, forward, and interest rates). This preserves the vol as the primary quote object.
• Wrapping up after a trade: Once you agree, echo the critical fields—underlying, expiry, strike/moneyness, vol level, premium if relevant, and the time. Confirm the side (buy/sell), size, and settlement convention only if the call includes execution. On purely informational calls, you still repeat the vol and the time to create an audit trail.

Throughout these scenarios, your tone should be neutral, clipped, and free of filler words. Avoid adjectives like “rich,” “cheap,” or “heavy” unless asked for color. If you must add color, place it after the numeric statement: numbers first, opinion second. Keep the unit “vols” consistent to prevent cross‑talk between IV and price levels.

Step 4: Short practice sequences and a final call script with self‑checks

To master precision English for volatility, build a daily micro‑routine that reinforces the sentence frame, number delivery, and confirmation language. Practice in short sequences, then combine them into a complete call script you can rely on when markets are busy. The aim is to make your phrasing automatic so that you do not improvise under pressure.

• Start with the frame alone: Speak a dozen clean, templated sentences each morning using different underlyings, expiries, and moneyness points. Keep the exact order and pause after each slot. This conditions your pacing.
• Drill decimals and teens: Spend two minutes pronouncing common vol levels with tricky numbers. Alternate between “teen” and “ty” endings and insert deliberate pauses around decimals. This prevents slurring when adrenaline rises.
• Add change language: Attach movement to your base sentences. Use both “vols” and “vol bps” in separate runs so you can switch units fluently while staying consistent within each run.
• Surface sweeps: Practice ATM–put wing–call wing sequences. Keep the same order, unit, and comparison point across the three elements. Focus on smooth transitions and even pacing so the listener can jot down each level without interrupting you.
• Confirmation and echo: Finish each practice sequence by echoing your own last sentence in a compressed confirmation format, adding a time stamp. This creates a muscle memory for how you will lock in a statement or a price on a real call.

As you practice, apply three self‑checks.

• Precision: Did you state the underlying, expiry, moneyness/strike, and vol value in that order, without missing any slot? Did you specify the reference for any movement (close, open, last, specific time)? Did you distinguish clearly between vols and percentages?
• Brevity: Did you avoid filler words and adjectives before the numeric statement? Did you keep each clause short, with one concept per clause? Could the listener transcribe your sentence without asking for repeats?
• Confirmation language: Did you add direction words (“up,” “down,” “wider,” “tighter”) for changes? Did you include a time marker (“as of now,” “at ten‑fifteen London”)? Did you echo the key numbers back when someone gave you a quote? If an item was tentative, did you label it “indicative,” “subject,” or “checking” until you could firm it?

Integrating these checks into your routine strengthens both your technical clarity and your professional presence on calls. You are training two layers: the content layer (what the vol level is) and the delivery layer (how you say it). The content must be complete and ordered; the delivery must be slow enough at key points to guarantee understanding but brisk enough overall to respect time pressure.

One final note on interaction discipline. In busy markets, interruptions are common. Protect the integrity of your statement by finishing the frame before answering questions. If interrupted, calmly say you will complete the numbers and then address the question. This habit prevents partial data from living on the recording. When you finish, invite a confirmation: “Please confirm you have [repeat the precise numbers] at [time].” If the other side restates with errors, correct immediately and re‑echo the accurate figures with the unit and time stamp.

By internalizing the standard sentence frame, mastering micro‑pronunciation and number formatting, and applying disciplined confirmation techniques, you will sound precise, fast, and unambiguous on any volatility call. Your phrasing will carry the exact information your counterpart needs—underlying, expiry, strike or moneyness, level, movement, and time—delivered in a consistent order with clear units. That is the hallmark of professional IV communication and the foundation for confident call confirmations.