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training_data/curated/text/6fba9dce2d8cdad832fa95f9d6b2b908517491fa34a199b93d556b3b9362cfc7.txt

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+previous month. A graduated increasing or decreasing IV for each
+consecutive expiration cycle is typical of the term structure of volatility.
+Under normal circumstances, the front month is the most sensitive to
+changes in IV. There are two reasons for this. First, front-month options are
+typically the most actively traded. There is more buying and selling
+pressure. Their IV is subject to more activity. Second, vegas are smaller for
+options with fewer days until expiration. This means that for the same
+monetary change in an option’s value, the IV needs to move more for short-
+term options.
+Exhibit 3.4 shows the same GM options and their corresponding vegas.
+EXHIBIT 3.4 GM vegas.
+If the value of the September 32.5 calls increases by $0.10, IV must rise
+by 1 percentage point. If the February 32.5 calls increase by $0.10, IV must
+rise 3 percentage points. As expiration approaches, the vega gets even
+smaller. With seven days until expiration, the vega would be about 0.014.
+This means IV would have to change about 7 points to change the call value
+$0.10.