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+Supply and Demand: Not Just a Good
+Idea, It’s the Law!
+Options are an excellent vehicle for speculation. However, the existence of
+the options market is better justified by the primary economic purpose of
+options: as a risk management tool. Hedgers use options to protect their
+assets from adverse price movements, and when the perception of risk
+increases, so does demand for this protection. In this context, risk means
+volatility—the potential for larger moves to the upside and downside. The
+relative prices of options are driven higher by increased demand for
+protective options when the market anticipates greater volatility. And option
+prices are driven lower by greater supply—that is, selling of options—when
+the market expects lower volatility. Like those of all assets, option prices
+are subject to the law of supply and demand.
+When volatility is expected to rise, demand for options is not limited to
+hedgers. Speculative traders would arguably be more inclined to buy a call
+than to buy the stock if they are bullish but expect future volatility to be
+high. Calls require a lower cash outlay. If the stock moves adversely, there
+is less capital at risk, but still similar profit potential.
+When volatility is expected to be low, hedging investors are less inclined
+to pay for protection. They are more likely to sell back the options they may
+have bought previously to recoup some of the expense. Options are a
+decaying asset. Investors are more likely to write calls against stagnant
+stocks to generate income in anticipated low-volatility environments.
+Speculative traders will implement option-selling strategies, such as short
+strangles or iron condors, in an attempt to capitalize on stocks they believe
+won’t move much. The rising supply of options puts downward pressure on
+option prices.
+Many traders sum up IV in two words: fear and greed . When option
+prices rise and fall, not because of changes in the stock price, time to
+expiration, interest rates, or dividends, but because of pure supply and
+demand, it is implied volatility that is the varying factor. There are many
+contributing factors to traders’ willingness to demand or supply options.
+Anticipation of events such as earnings reports, Federal Reserve