What Is The Volatility Smile?

波动率微笑（Volatility smiles）是金融学术语，指具有相同到期日和标的资产但执行价格不同的期权，其隐含波动率与行权价格之间的曲线关系。

Volatility smiles are implied volatility patterns that arise in pricing financial options. It is a parameter (implied volatility) that needs to be modified for the Black–Scholes formula to fit market prices.

波動率微笑（Volatility Smile）是在選擇權市場中觀察到的一種現象，指的是當你繪製不同履約價（Strike Price）期權的隱含波動率（Implied Volatility, IV）時，這些波動率並不一定是平坦的，而是呈現出一個類似微笑的曲線形狀。

波動率微笑曲線（Volatility Smile） 是指同一標的資產、相同到期日，但不同履約價的選擇權，其隱含波動率（Implied Volatility） 呈現類似微笑般的 U 型曲線。

Volatility smile is the visual depiction of implied volatility relative to an option’s strike price. The farther out-of-the-moneyan option is, the higher its implied volatility. Because of this skew, options increase on either side of the at-the-money str

What Is a Volatility Smile in Options Trading? A volatility smile in options trading is the tendency for both deep in-the-money and out-of-the-money options to have higher implied volatility than at-the-money options for the same expiry.

A volatility smile is a common graph shape that results from plotting the strike price and implied volatility of a group of options with the same underlying asset and expiration date. The volatility smile is so named because it looks like a smiling mouth.