The Rule of 16 in Options, and When It Breaks
The rule of 16 turns implied volatility into a daily expected move: 16 is the square root of 252 trading days. Here is the math, and where it breaks.
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Expected Move From Implied Volatility
Expected move is price times IV times the square root of days over 365. See the formula, the straddle shortcut that matches it, and what realized moves did.