By default, the Cap/Floor Volatility Surface opens with the volatility surface for the current currency, trade date and market data cut-off time set in the pricing page from which it was opened. The other settings, for example, the number of scenarios, the increment between each strike on the top axis, which expiries are displayed, etc., come from the customize settings for this page (for more information see Customizing the Volatility Surface).
Once the page is open you can then control what data is displayed in the page and how as follows:
You can control for which trade date the volatility surface is displayed.
By default this is taken from the pricing page from which this page was opened, but you can change it using the Trade Date field.
You can control for which currency the volatility surface is displayed.
By default this is taken from the pricing page from which this page was opened, but you can change it using the Currency dropdown list.
You can control for which tenor of the interbank interest rate index the volatility surface is displayed.
By default, if you opened this page from a cap/floor instrument in the pricing page it opens with the tenor used in the pricing page; if you opened this page from a different instrument it opens with the default tenor for the currency displayed in the pricing page.
However, you can edit it manually in the page using the Based on dropdown list.
For which market data cut-off time the volatility surface is displayed.
By default this is taken from the pricing page from which this page was opened, but you can change it using the Cut Off dropdown list. For more information on this feature see Changing the Market Data Cut-off Time.
Which expiries are displayed.
By default for which expiries the volatility surface is displayed is set by the customize settings for this page, but you can edit them manually in the page using the Expiries dropdown list.
You can control whether the scale used for the strikes is displayed in:
Delta
This shows the percentage of delta for a cap. So, for example, the 90 delta column shows the strike and volatility for a 90% delta cap.
Basis spreads
Percent
Strikes
Factors
This means that the strikes shown are calculated as a factor of the ATM strike.
By default this is set by the customize settings for this page (accessed by clicking the Settings button), but you can edit it manually in the page using the Strike Scale dropdown list.
You can control the size of each strike increment.
By default this is set by the customize settings for this page, but you can edit it manually in the page using the Strike Increments dropdown list.
You can control the number of scenarios on either side of the ATM volatility.
By default this is set by the customize settings for this page (accessed by clicking the Settings button), but you can edit it manually in the page using the Scenarios button.