ning2025-10-08 14:58:12

老师好，请问是OTM call/put option的implied volatility更高，还是ATM call/put option的implied volatility更高？若换成volatility (不是implied volatility) 结论会有不同吗？ 我学derivatives的时候碰到说“volatility is high when options are ATM", 学alternatives的时候做题碰到说 “OTM options have higher implied volatility levels than ATM options", 应该如何判断volatility 和implied volatility 随option状态（OTM, ATM, ITM）的改变呢？