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Express At least over the course going to beginning of the year now some people may look back for the last three four months six months may, go back even farther you. Can go ahead and see where the, relatively, high range is. However. Even though there's a high range and a low range there's. Also, the. Actual numbers, and in. This case from low to high, the, implied volatility, on, Federal. Express ranged, about ten. Points, so. Ten percentage points. Now. If you go back to the option. Table and. Bring. Up the Greeks. You. Can't have Vega and there's Vega right here on the chart so these, Greeks will also demonstrate the. Potential impact, of volatility. On. Both the long and the short side. Now. For. Instance right now the. Current position on Federal Express has. A negative. Vega. That's. Negative, Vega what that means if volatility. Rises and, that's what Vega, is a measurement of the. Volatility, rising, that. Would have a negative impact on a short, position. Most. Are short positions, are going to be showing up as negative, Vega whereas. If the volatility Falls that, will have a positive, impact so. This is where the Greeks basically, show that impact. There's. The impact of volatility. Delta. The impact of price if. For, every dollar, that. Federal. Express Rises. Or. For a dollar the Federal Express Rises currently it's. \$30. Now, as the price goes higher and higher that Delta will change, we. Can see the impact of time. Which. Is Theta that's ten dollars ten dollars a day and that. May continue to increase as one, gets closer to expiration. So, as a combination. To your. Question Paul as you, can see the impact of all three and. In. This case for. Instance. Over the last next ten days. One. Can deduce that, theoretically. This. Position, would pick up about, \$100. Based. Off the time decay, however. If volatility. Arises. Let's, say volatility, goes ahead and rises two. Percentage, points well. That hundred dollars would, actually be closer, to only, sixty dollars so. Rise. In volatility on a short. Position, can. Slow. Down that. Depreciation. However. You. Can't run away from time in, 23. Days if price. Is above, the, short strike this, position, will have a maximum gain it's, just the in between, that, that Vega can, have that impact let, me know if that helps. John. Bet John, best R John asks about open, interest, impact. Well. If, I understand. Where you're going with that John open, interest kind of points towards liquidity.