A 3-dimensional graphical representation of the variation of implied volatility for a European option with respect to:<ul type='i'"><li>Strike</li><li>Time to maturity.</li></ul>Implied volatility is typically assigned to the z-axis, while strike and time-to-maturity are assigned to the x and y-axes respectively. Volatility surfaces are applicable to equity, commodity and FX options, as well as interest rate caps and floors."