The DAX volatility index (VDAX) expressed the fluctuation range of the DAX share index expected from the futures market .
The VDAX stated the implied volatility of the leading German share index DAX over 45 days in percentage points. A high value indicated a restless market, low values indicate a development without strong price fluctuations. The VDAX is therefore also known as the “fear barometer”. It does not provide any information about the direction of the change, i.e. rising or falling prices. The calculation is based on the prices of a fictitious option on the DAX. The VDAX was introduced on December 5, 1994. Since July 14, 1997, Deutsche Börse AG has been calculating the VDAX using the Black-Scholes formula .
On April 20, 2005, the VDAX-NEW , based on a more modern method of calculation that does not require a theoretical option price model, was set up. Although this is similar to the previous VDAX, it is based on options actually traded on the EUREX futures exchange and can therefore be replicated as an underlying . The calculation has been adjusted to the international VSTOXX index . One difference to the VDAX is that the horizon has been reduced from 45 to 30 days.
The old VDAX was last calculated on July 29, 2016 (closing value: 17.92). In future, the VDAX-NEW will replace the old VDAX.
 VDAX New on the Frankfurt Stock Exchange