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+It’s All About Volatility
+What are Kim and Mick really trading? Volatility. The motivation for
+buying an option as opposed to buying or shorting the stock is volatility. To
+some degree, these options have exposure to both flavors of volatility—
+implied volatility and historical volatility (HV). The positions in each of the
+examples have positive vega. Their values are influenced, in part, by IV.
+Over time, IV begins to lose its significance if the option is no longer close
+to being at-the-money.
+The main objective of each of these trades is to profit from the volatility
+of the stock’s price movement, called future stock volatility or future
+realized volatility. The strategies discussed in this chapter are contingent on
+volatility being one directional. The bigger the move in the trader’s
+forecasted direction the better. Volatility in the form of an adverse
+directional move results in a decline in premium. The gamma in these long
+option positions makes volatility in the right direction more beneficial and
+volatility in the wrong direction less costly.
+This phenomenon is hardly unique to the long call and the long put.
+Although some basic strategies, such as the ones studied in this chapter,
+depend on a particular direction, many don’t. Except for interest rate
+strategies and perhaps some arbitrage strategies, all option trades are
+volatility trades in one way or another. In general, option strategies can be
+divided into two groups: volatility-buying strategies and volatility-selling
+strategies. The following is a breakdown of common option strategies into
+categories of volatility-buying strategies and volatility-selling strategies:
+Volatility-Selling Strategies Volatility-Buying Strategies
+Short Call, Short Put, Covered Call, Covered Put,
+Bull Call Spread, Bear Call Spread, Bull Put
+Spread, Bear Put Spread, Short Straddle, Short
+Strangle, Guts, Ratio Call Spread, Calendar,
+Butterfly, Iron Butterfly, Broken-Wing Butterfly,
+Condor, Iron Condor, Diagonals, Double Diagonals,
+Risk Reversals/Collars.
+Long Call, Long Put, Bull Call Spread, Bear
+Call Spread, Bull Put Spread, Bear Put Spread,
+Long Straddle, Long Strangle, Guts, Back
+Spread, Calendar, Butterfly, Iron Butterfly,
+Broken-Wing Butterfly, Condor, Iron Condor,
+Diagonals, Double Diagonals, Risk
+Reversals/Collars.
+Long option strategies appear in the volatility-buying group because they
+have positive gamma and positive vega. Short option strategies appear in