> For the complete documentation index, see [llms.txt](https://docs.candelacharts.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.candelacharts.com/investing/risk-and-portfolio-management/contango-slope-index.md).

# Contango Slope Index

A normalized measure of the VIX futures term structure slope, the Contango Slope Index quantifies the rate of change between front-month and second-month VIX futures.

It identifies shifts between backwardation (fear) and contango (complacency), serving as a leading indicator for volatility regime transitions.

Values below zero signal elevated near-term risk aversion, while values above 0.0232%/year indicate stretched complacency.

When combined with price structure metrics like the Dip Index, the CSI improves the timing and reliability of macro-technical signals.


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