Call option 呢？

NO.PZ201601050100001606 问题如下 Baseon Exhibit 2, the NIFTY 50 Inx implievolatility ta most likely incate A.risk reversal. B.volatility skew. C.volatility smile. B is correct. When the implievolatility creases for OTM (out-of-the-money)calls relative to ATM (at-the-money) calls anincreases for OTM puts relative to ATM puts, a volatility skew exists. Put volatility is higher, rising from 16.44 ATM to 17.72 OTM, likely because of the higher manfor puts to hee positions in the inx against wnsi risk. Call volatility creases from 12.26 for ATM calls to 11.98 for OTM calls sincalls not offer this valuable portfolio insurance.A is incorrebecause a risk reversis a lta-heetrang strategy seeking to profit from a change in the relative volatility of calls anputs.C is incorrebecause a volatility smile exists when both call anput volatilities, not just put volatilities, are higher OTM thATM.中文解析印度的NIFTY 50指数当前的交易水平为11610点，接近表格2中的11,600。因此可以认为执行价格为11,6000的期权是处在ATM状态的期权。以看跌期权为例，执行价格高于11600的是ITM的期权；执行价格低于11600的是OTM的期权。Volatility smile的图形显示的是不论是OTM 的put还是ITM的put,其隐含波动率都是高于ATM状态时的隐含波动率的。Volatility skew的图形则显示的是OTM的put隐含波动率高于ATM状态的put；ITM的put其隐含波动率会略微低于ATM状态的put。因此根据表格可知，这符合volatility skew的形态。 老师，看了解析看的懂，数字理解不了，能否用图表里的数字再一遍，多谢

NO.PZ201601050100001606 问题如下 Baseon Exhibit 2, the NIFTY 50 Inx implievolatility ta most likely incate A.risk reversal. B.volatility skew. C.volatility smile. B is correct. When the implievolatility creases for OTM (out-of-the-money)calls relative to ATM (at-the-money) calls anincreases for OTM puts relative to ATM puts, a volatility skew exists. Put volatility is higher, rising from 16.44 ATM to 17.72 OTM, likely because of the higher manfor puts to hee positions in the inx against wnsi risk. Call volatility creases from 12.26 for ATM calls to 11.98 for OTM calls sincalls not offer this valuable portfolio insurance.A is incorrebecause a risk reversis a lta-heetrang strategy seeking to profit from a change in the relative volatility of calls anputs.C is incorrebecause a volatility smile exists when both call anput volatilities, not just put volatilities, are higher OTM thATM.中文解析印度的NIFTY 50指数当前的交易水平为11610点，接近表格2中的11,600。因此可以认为执行价格为11,6000的期权是处在ATM状态的期权。以看跌期权为例，执行价格高于11600的是ITM的期权；执行价格低于11600的是OTM的期权。Volatility smile的图形显示的是不论是OTM 的put还是ITM的put,其隐含波动率都是高于ATM状态时的隐含波动率的。Volatility skew的图形则显示的是OTM的put隐含波动率高于ATM状态的put；ITM的put其隐含波动率会略微低于ATM状态的put。因此根据表格可知，这符合volatility skew的形态。 是不是可以简单理解为只看ep OTM 的 call和put，比较 implievolatility 差不多相似就是smile，明显有向下趋势就skew呢？

NO.PZ201601050100001606问题如下 Baseon Exhibit 2, the NIFTY 50 Inx implievolatility ta most likely incate A.risk reversal.B.volatility skew.C.volatility smile. B is correct. When the implievolatility creases for OTM (out-of-the-money)calls relative to ATM (at-the-money) calls anincreases for OTM puts relative to ATM puts, a volatility skew exists. Put volatility is higher, rising from 16.44 ATM to 17.72 OTM, likely because of the higher manfor puts to hee positions in the inx against wnsi risk. Call volatility creases from 12.26 for ATM calls to 11.98 for OTM calls sincalls not offer this valuable portfolio insurance.A is incorrebecause a risk reversis a lta-heetrang strategy seeking to profit from a change in the relative volatility of calls anputs.C is incorrebecause a volatility smile exists when both call anput volatilities, not just put volatilities, are higher OTM thATM.中文解析印度的NIFTY 50指数当前的交易水平为11610点，接近表格2中的11,600。因此可以认为执行价格为11,6000的期权是处在ATM状态的期权。以看跌期权为例，执行价格高于11600的是ITM的期权；执行价格低于11600的是OTM的期权。Volatility smile的图形显示的是不论是OTM 的put还是ITM的put,其隐含波动率都是高于ATM状态时的隐含波动率的。Volatility skew的图形则显示的是OTM的put隐含波动率高于ATM状态的put；ITM的put其隐含波动率会略微低于ATM状态的put。因此根据表格可知，这符合volatility skew的形态。 exhibit2中执行价格为12000的ITM的看跌隐含波动率为16.56，不是大于ATM的16.44吗？为什么不是volatility smile呢？

NO.PZ201601050100001606 问题如下 Baseon Exhibit 2, the NIFTY 50 Inx implievolatility ta most likely incate A.risk reversal. B.volatility skew. C.volatility smile. B is correct. When the implievolatility creases for OTM (out-of-the-money)calls relative to ATM (at-the-money) calls anincreases for OTM puts relative to ATM puts, a volatility skew exists. Put volatility is higher, rising from 16.44 ATM to 17.72 OTM, likely because of the higher manfor puts to hee positions in the inx against wnsi risk. Call volatility creases from 12.26 for ATM calls to 11.98 for OTM calls sincalls not offer this valuable portfolio insurance.A is incorrebecause a risk reversis a lta-heetrang strategy seeking to profit from a change in the relative volatility of calls anputs.C is incorrebecause a volatility smile exists when both call anput volatilities, not just put volatilities, are higher OTM thATM.中文解析印度的NIFTY 50指数当前的交易水平为11610点，接近表格2中的11,600。因此可以认为执行价格为11,6000的期权是处在ATM状态的期权。以看跌期权为例，执行价格高于11600的是ITM的期权；执行价格低于11600的是OTM的期权。Volatility smile的图形显示的是不论是OTM 的put还是ITM的put,其隐含波动率都是高于ATM状态时的隐含波动率的。Volatility skew的图形则显示的是OTM的put隐含波动率高于ATM状态的put；ITM的put其隐含波动率会略微低于ATM状态的put。因此根据表格可知，这符合volatility skew的形态。 如题