time decay的一段描述：the convertible bond arbitrage strategy can lose money due to…during periods of reduced realized equity volatility OR due to a general compression of market implied volatility levels. OR前后有什么区别呀？
伯恩_品职助教 · 2021年04月11日
嗨，爱思考的PZer你好：
同学你好，这个问题问的很好，在衍生品那一章要好好学习。前面的是realized ，其实就是历史的Historical volatility is the annualized standard deviation of past stock price movements. It measures the daily price changes in the stock over the past year.
后面的是implied volatility ，implied volatility (IV) is derived from an option’s price and shows what the market implies about the stock’s volatility in the future.
options traders tend to focus on historical and implied volatilities.
----------------------------------------------努力的时光都是限量版，加油！