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training_data/curated/text/fef5af94d898f75b08c097b168bc9c97e1035dbbec0dfe528879af99a5a75671.txt

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+The Imprecision of Estimation
+It is important to notice that the P&(L) found by adding up the P&(L)’s
+from the greeks is slightly different from the actual P&(L). There are a
+couple of reasons for this. First, the change in delta resulting from gamma is
+only an estimate, because gamma changes as the stock price changes. For
+small moves in the underlying, the gamma change is less significant, but for
+larger moves, the rate of change of the gamma can be bigger, and it can be
+nonlinear. For example, as an option moves from being at-the-money
+(ATM) to being out-of-the-money (OTM), its gamma decreases. But as the
+option becomes more OTM, its gamma decreases at a slower rate.
+Another reason that the P&(L) from the greeks is different from the actual
+P&(L) is that the greeks are derived from the option-pricing model and are
+therefore theoretical values and do not include slippage.
+Furthermore, the volatility input in this example is rounded a bit for
+simplicity. For example, a volatility of 25 actually yielded a theoretical
+value of 2.796, while the call was bought at 2.80. Because some options
+trade at minimum price increments of a nickel, and none trade in fractions
+of a penny, IV is often rounded.