Local Volatility vs Implied Volatility
Local volatility vs implied volatility: one is a number per quoted option, the other a surface fitted to the whole chain. What each gets wrong, with data.
#volatility smile
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What Is Vomma? The Convexity of Vega
Vomma is the rate of change of an option's vega as implied volatility moves. See where it peaks on the strike ladder, measured on a real SPY option chain.