Volatility

Close-to-Close HV

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

HV from daily closing prices, includes overnight gaps

What is Close-to-Close HV?

Close-to-Close HV Historical volatility calculated from daily closing prices. Captures the full daily move including overnight gaps (earnings, news events). Compare to open-range HV which only measures intraday session moves. When close-to-close HV is significantly higher than open-range HV, overnight events are driving volatility.

Complete Definition

Historical volatility calculated from daily closing prices. Captures the full daily move including overnight gaps (earnings, news events). Compare to open-range HV which only measures intraday session moves. When close-to-close HV is significantly higher than open-range HV, overnight events are driving volatility.

Example

After an earnings announcement, NFLX's close-to-close HV spikes to 50% while open-range HV stays at 30%. The gap shows the overnight earnings move is responsible for the elevated vol.

Related Terms

Historical Volatility Open Range Hv Hv Regime

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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