NISM Series XIII Common Derivatives Certification Exam Notes
Page 40 Of 303
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Volatility Smile: Implied volatility varies across strike prices, forming a curve.
Option Liquidity: Higher for ATM options, lower for deep OTM options.
Hedging with Options: Protects against adverse price movements with limited cost.
Speculation with Options: Leveraged bets on price movements with capped risk for buyers.
Arbitrage Opportunities: Exploited when option prices deviate from theoretical values.
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