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+Implied Volatility and Direction
+Who’s afraid of falling stock prices? Logically, declining stocks cause
+concern for investors in general. There is confirmation of that statement in
+the options market. Just look at IV. With most stocks and indexes, there is
+an inverse relationship between IV and the underlying price. Exhibit 3.2
+shows the SPX plotted against its 30-day IV, or the VIX.
+EXHIBIT 3.2 SPX vs. 30-day IV (VIX).
+The heavier line is the SPX, and the lighter line is the VIX. Note that as
+the price of SPX rises, the VIX tends to decline and vice versa. When the
+market declines, the demand for options tends to increase. Investors hedge
+by buying puts. Traders speculate on momentum by buying puts and
+speculate on a turnaround by buying calls. When the market moves higher,
+investors tend to sell their protection back and write covered calls or cash-
+secured puts. Option speculators initiate option-selling strategies. There is
+less fear when the market is rallying.
+This inverse relationship of IV to the price of the underlying is not unique
+to the SPX; it applies to most individual stocks as well. When a stock