MOVE Index
The option-implied volatility of US Treasuries, constructed from one-month options on 2-year, 5-year, 10-year, and 30-year Treasuries. MOVE measures how much price uncertainty the options market is pricing into the bond market over the near term. A rising MOVE signals collateral-system stress, dealer balance-sheet strain, and tighter financial conditions globally. MOVE is the first pillar of the TBL Liquidity framework.
What MOVE Index Is
The option-implied volatility of US Treasuries, constructed from one-month options on 2-year, 5-year, 10-year, and 30-year Treasuries. MOVE measures how much price uncertainty the options market is pricing into the bond market over the near term. A rising MOVE signals collateral-system stress, dealer balance-sheet strain, and tighter financial conditions globally. MOVE is the first pillar of the [TBL Liquidity framework](/learn/what-is-tbl-liquidity).
Where MOVE Index Appears in TBL Research
MOVE Index is one of the macro and liquidity indicators that TBL tracks. For how it fits the broader framework, see What Is TBL Liquidity?.
Related TBL Resources
What Is TBL Liquidity?
TBL Liquidity is a four-pillar composite framework that reads global financial conditions through Treasury volatility, the dollar, US Treasuries, and global banking assets, and translates them into a directional signal for Bitcoin, the S&P 500, and other risk assets.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.