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Index Options Volatility Trader

IMC Trading · Chicago, IL · Screen & Quant Trading

Posted Sep 30, 2026 · We last checked this listing on Oct 6, 2026

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Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

About your past

Tell me about a trade that went wrong. What did your post-trade review show?

What they are checking: Honest self-review and learning from losses, which the posting builds into the daily routine.

What feedback have you given to improve a pricing model or risk system, and what changed?

What they are checking: Whether they work with quants to improve tools rather than just using them.

What part of your current process would you most like quants to help you improve?

What they are checking: Openness to working closely with research teams to sharpen their edge.

What would you do

You're sharing a large book with other traders and you disagree with how risk is being hedged. What do you do?

What they are checking: Whether they can manage risk as a team and raise disagreements constructively.

Liquidity dries up suddenly across index products. How do you adjust your quoting and positioning?

What they are checking: How they react to flow and liquidity changes, which the role monitors constantly.

You notice a repeating pattern in a client's flow around a certain time each month. How do you use it?

What they are checking: Whether they can turn flow observations into positioning while thinking about risk if the pattern breaks.

About the work

Walk me through how you'd spot a short-term mispricing in SPX options and decide whether to act.

What they are checking: Real index options experience and a clear process from noticing a dislocation to trading it.

How do you tell informed flow from uninformed flow, and how does that change how you price?

What they are checking: Understanding of counterparty behavior, which the desk names as a core focus.

Describe how the index volatility surface typically moves when the market sells off sharply.

What they are checking: Intuition for skew, term structure and spot-vol dynamics that drive index options P&L.

How do you hedge a large short gamma position into a major macro event?

What they are checking: Practical risk management for index books around known events.

How do you think about dispersion between index volatility and single stock volatility?

What they are checking: Depth on correlation and the relationship between index and component options.

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The full job description

As published by IMC Trading.

  Our Index Options desk focuses on monetizing flow and capitalizing on short-term mispricings. We are a highly collaborative group that combines strong market intuition with analytical rigor, working closely with dedicated quants and researchers to sharpen our edge. Together, we strive to develop deep expertise, ownership, and innovation in understanding counterparty behavior, flow dynamics, and volatility pricing. Your Core Responsibilities • Maximize revenue by identifying and capitalizing on short-term mispricings in index options • Monitor and react to flow patterns, volatility shifts, and liquidity changes across index products • Collaborate with traders to manage the risk of a large book as a team • Work closely with our best-in-class research and quant teams to analyze results and improve your approach • Identify and analyze counterparty behavior and repetitive flow patterns to inform positioning and execution • Provide feedback to enhance pricing models, risk systems, and execution tools • Perform post-trade reviews to continuously improve execution and hedging • Take on significant responsibility and ownership early in your time here to help drive strategies forward and succeed Your Skills and Experience • 2+ years of index options volatility trading experience • BS, MS, or PhD, preferably in business, economics, or a STEM field • Ability to identify flow patterns and describe them analytically, with strong knowledge of repetitive market flows • Passionate about understanding volatility dynamics and willing to act quickly on your views to capture market opportunities • Entrepreneurial mindset with a healthy risk appetite; competitive by nature and a fast decision-maker • Analytical, reflective about past trades, and always seeking to improve The Base Salary range for the role is included below. Base salary is only one component of total compensation; all full-time, permanent positions are eligible for a discretionary bonus and benefits, including paid leave and insurance. Please visit Benefits - US | IMC Trading for more comprehensive information. Salary Range $250,000 — $250,000 USD About Us IMC is a research-driven trading firm where quantitative modeling, machine learning, and engineering shape how modern markets are traded. A stabilizing force in markets since 1989, we provide liquidity across trading venues, delivering the best outcome in value and risk management to investors. Using our own technology and capital, we build proprietary systems and algorithms that operate across global markets. Our researchers, traders, and engineers work as a collective, combining rapid experimentation, advanced infrastructure, and real-time feedback to turn insight into execution and execution into advantage.  

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