CME Group Volatility Index (CVOL) can offer clues to which way a specific market is heading based on investor expectations.

Strategies that have large gains with small losses are said to have positive skew. Whereas strategies with large losses and small gains are said to have negative skew.

A negative skew indicates higher demand for call (buy) options relative to put (sell) options, and neutral markets typically display a -6% to +6% delta skew.