Volatility is the heartbeat of the options market — and the trader who learns to read it gains an edge that price-only traders never see. In Volatility Spreads, Amit Ghosh, founder of Unofficed, presents a complete framework for trading volatility itself rather than direction. From the basics of IV vs HV and IV rank to advanced structures — vega-neutral spreads, calendar spreads, diagonal spreads, butterfly variations, and event-driven volatility plays around earnings, monetary policy events, and macro releases — every structure is broken down with the maths, the Greeks profile, and worked examples on Nifty and Bank Nifty options. The book covers when to be a volatility seller, when to be a buyer, how to hedge a position when realized volatility moves against your thesis, and how to size volatility trades so a single bad expiry does not wreck the account. Designed for intermediate-to-advanced traders who already know basic spreads and want to add structured volatility income to their playbook — written by an Indian options trader for Indian derivative markets.