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+6. Realized Volatility Remains Constant,
+Implied Volatility Falls
+Exhibit 14.7 shows two classic implied-realized convergences. From mid-
+September to early November, realized volatility stayed between 22 and 25.
+In mid-October the implied was around 33. Within the span of a few days,
+the implied vol collapsed to converge with the realized at about 22.
+EXHIBIT 14.7 Realized volatility remains constant, implied volatility falls.
+Source : Chart courtesy of iVolatility.com
+There can be many catalysts for such a drop in IV, but there is truly only
+one reason: arbitrage. Although it is common for a small difference between
+implied and realized volatility—1 to 3 points—to exist even for extended
+periods, bigger disparities, like the 7- to 10-point difference here cannot
+exist for that long without good reason.
+If, for example, IV always trades significantly above the realized
+volatility of a particular underlying, all rational market participants will sell
+options because they have a gamma/theta edge. This, in turn, forces options
+prices lower until volatility prices come into line and the arbitrage
+opportunity no longer exists.
+In Exhibit 14.7 , from mid-March to mid-May a similar convergence took
+place but over a longer period of time. These situations are often the result