A delta-neutral option spread which is usually established in order to take a view or speculate on changes of market volatility rather than the market direction. This spread is measured in the number of basis points that can be attained from the differential between a pair of option positions (or broadly speaking, a pair of derivative position) or tenors, etc.

There are numerous types of volatility spread, mainly including: backspreads, ratio vertical spreads, long time spreads, and short time spreads.