The VIX has become a popular volatility index that is based on a weighted
average of S&P 500 options that straddle a 30-day maturity. This manner of calculating
the VIX emerged in September of 2003 and is documented with an example by the
CBOE. In this paper, the calculation of the VIX is reproduced in an Excel template to
automate and to some degree simplify the calculation. Further, one can also apply other
option series to calculate a VIX-type analysis for the underlying security which is of great
benefit because the calculation is independent of option pricing model biases.