A scale-free gauge of call-vs-put dominance defined as Upside IV / Downside IV across fixed tenors.

Values > 1 indicate richer upside; values < 1 indicate richer downside. Complements the Glassnode Skew Index (difference) by normalizing out the absolute volatility level.

For further details, please refer to our article, Measuring Market Asymmetry: The Glassnode Skew Index.