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training_data/relevant/text/c918afb11289116c55edc101ad0caad80f21cf1918d74dfe06bfab0dbd82e68e.txt

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+The Effect of Moneyness on Vega
+Like the other greeks, vega is a snapshot that is a function of multiple facets
+of determinants influencing option value. The stock price’s relationship to
+the strike price is a major determining factor of an option’s vega. IV affects
+only the time value portion of an option. Because ATM options have the
+greatest amount of time value, they will naturally have higher vegas. ITM
+and OTM options have lower vega values than those of the ATM options.
+Exhibit 2.13 shows an example of 186-day options on AT&T Inc. (T),
+their time value, and the corresponding vegas.
+EXHIBIT 2.13 AT&T theos and vegas (T at $30, 186 days to Expry, 20%
+IV).
+Note that the 30-strike calls and puts have the highest time values. This
+strike boasts the highest vega value, at 0.085. The lower the time premium,
+the lower the vega—therefore, the less incremental IV changes affect the
+option. Since higher-priced stocks have higher time premium (in absolute
+terms, not necessarily in percentage terms) they will have higher vega.
+Incidentally, if this were a $300 stock instead of a $30 stock, the 186-day
+ATMs would have a 0.850 vega, if all other model inputs remain the same.