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+Chapter 39: Volatility Trading Techniques 843 
+futures option markets. In particular, gold, silver, sugar, soybeans, and coffee options 
+will from time to time display a form of volatility skewing that is the opposite of that 
+displayed by index options. In these futures markets, the cheapest options are out-of­
+the-money puts, while the most expensive options are out-of-the-money calls. 
+Example: January soybeans are trading at 580 ($5.80 per bushel). The following 
+table of implied volatilities shows how volatility skewing that is present in the soybean 
+market is the opposite of that shown by the OEX market in the previous examples: 
+January beans: 580 
+Strike Implied Volatility 
+525 12% 
+550 13% 
+575 15% 
+600 17% 
+625 19% 
+650 21% 
+675 23% 
+Notice that the out-of-the-money calls are now the more expensive items, while 
+out-of-the-money puts are the cheapest. This pattern of implied volatilities is called 
+forward volatility skew or, alternatively, positive volatility skew. 
+The distribution of soybean prices implied by these volatilities is just as incor­
+rect as the OEX one was for the stock market. This soybean implied distribution is 
+too bullish. It implies that there is a much larger probability of the soybean market 
+rising 100 points than there is of it falling 50 points. That is incorrect, considering the 
+historical price movement of soybeans. 
+A strategist attempting to benefit from the forward ( or positive) volatility skew 
+in this market has essentially three strategies available. They are the opposite of the 
+three recommended for the $OEX, which had a reverse (or negative) volatility skew. 
+First would be a call bull spread, second would be a put backspread, and third would 
+be a call ratio spread. In all three cases, one would be buying options at the lower 
+striking price and selling options at the higher striking price. This would give him the 
+theoretical advantage. 
+The same sorts of comments that were made about the OEX strategies can be 
+applied here. The bull spread is a directional strategy and can probably only be 
+expected to make money if the underlying rises in price, despite the statistical advan-