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+Vertical Skew
+The second type of skew found in option IV is vertical skew, or strike skew.
+Vertical skew is the disparity in IV among the strike prices within the same
+month for an option class. The options on most stocks and indexes
+experience vertical skew. As a general rule, the IV of downside options—
+calls and puts with strike prices lower than the at-the-money (ATM) strike
+—trade at higher IVs than the ATM IV. The IV of upside options—calls and
+puts with strike prices higher than the ATM strike—typically trade at lower
+IVs than the ATM IV.
+The downside is often simply referred to as puts and the upside as calls.
+The rationale for this lingo is that OTM options (puts on the downside and
+calls on the upside) are usually more actively traded than the ITM options.
+By put-call parity, a put can be synthetically created from a call, and a call
+can be synthetically created from a put simply by adding the appropriate
+long or short stock position.
+Exhibit 3.5 shows the vertical skew for 86-day options on Citigroup Inc.
+(C) on a typical day, with IVs rounded to the nearest tenth.
+EXHIBIT 3.5 Citigroup vertical skew.
+Notice the IV of the puts (downside options) is higher than that of the
+calls (upside options), with the 31 strike’s volatility more than 10 points
+higher than that of the 38 strike. Also, the difference in IV per unit change