Advanced Option Chain Analysis (BANKNIFTY)

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Green means highest oi / volume, Yellow means second highest oi / volume and Blue means third highest oi / volume.

CALLS								PUTS
#	OI	OI Change	Volume	IV	LTP	Price Chn.	Strike	#	OI	OI Change	Volume	IV	LTP	Price Chn.
	23	0	0	0	0.00	0.00	43,000		4,151	-46	1,646	40.48	3.95	-0.05
	0	0	0	0	0.00	0.00	43,500		761	260	660	40.50	6.00	0.75
	154	0	0	61.83	0.00	0.00	44,000		1,000	-121	702	39.00	6.35	0.05
	4	0	0	0	0.00	0.00	44,500		302	-21	191	37.91	7.40	-0.55
	741	0	2	0	10340.00	234.65	45,000		7,107	-20	1,598	36.62	8.25	-0.55
	0	0	0	0	0.00	0.00	45,300		278	-204	525	36.32	9.85	-1.45
	0	0	0	0	0.00	0.00	45,400		81	8	150	35.51	8.85	-0.30
	1	0	0	0	0.00	0.00	45,500		608	-190	698	35.14	8.80	-1.00
	0	0	0	0	0.00	0.00	45,600		211	4	82	35.04	9.35	-0.05
	0	0	0	0	0.00	0.00	45,700		143	92	294	35.05	10.20	-0.10
	0	0	0	0	0.00	0.00	45,800		95	2	21	35.00	10.95	1.40
	0	0	0	0	0.00	0.00	45,900		218	-1	67	33.84	9.00	-0.80
	1	0	0	0	0.00	0.00	46,000		4,017	-74	1,333	33.91	10.00	-0.90
	0	0	0	0	0.00	0.00	46,100		136	-1	154	33.14	9.00	-2.10
	0	0	0	0	0.00	0.00	46,200		87	-4	16	33.60	11.00	-2.85
	0	0	0	0	0.00	0.00	46,300		123	47	92	33.05	10.50	-0.30
	0	0	0	0	0.00	0.00	46,400		56	0	13	33.89	13.95	2.70
	0	0	0	0	0.00	0.00	46,500		1,226	112	599	32.87	11.95	-0.15
	0	0	0	0	0.00	0.00	46,600		86	1	70	33.48	15.00	3.40
	0	0	0	0	0.00	0.00	46,700		62	0	8	32.18	12.00	0.00
	0	0	0	0	0.00	0.00	46,800		86	2	38	32.60	14.45	2.10
	0	0	0	0	0.00	0.00	46,900		44	0	0	31.54	0.00	0.00
	48	-1	5	0	8232.30	74.80	47,000		3,544	-136	2,443	31.59	13.50	-0.15
	0	0	0	0	0.00	0.00	47,100		56	-1	46	31.24	13.50	-1.80
	0	0	0	0	0.00	0.00	47,200		135	-1	37	31.22	14.70	0.50
	1	0	0	0	0.00	0.00	47,300		178	-11	73	30.84	14.60	-0.05
	0	0	0	0	0.00	0.00	47,400		189	-17	99	30.19	13.60	-1.75
	0	0	0	0	0.00	0.00	47,500		1,402	263	1,036	30.44	15.80	-0.30
	0	0	0	0	0.00	0.00	47,600		106	-2	109	30.23	16.40	1.05
	0	0	0	0	0.00	0.00	47,700		116	4	95	29.64	15.50	-3.70
	0	0	0	0	0.00	0.00	47,800		174	1	203	29.99	18.45	0.75
	0	0	0	0	0.00	0.00	47,900		185	-12	49	29.57	18.20	-2.10
	436	-10	22	0	7260.00	137.50	48,000		8,152	-1,046	6,131	29.54	19.75	-0.45
	0	0	0	0	0.00	0.00	48,100		242	-20	168	29.12	19.50	-1.25
	0	0	0	0	0.00	0.00	48,200		173	-49	113	29.36	22.55	1.20
	0	0	0	0	0.00	0.00	48,300		131	-32	198	28.98	22.50	0.20
	0	0	0	0	0.00	0.00	48,400		170	-29	156	28.91	24.15	0.30
	0	0	0	0	0.00	0.00	48,500		6,478	480	5,842	28.43	23.60	-1.40
	0	0	0	0	0.00	0.00	48,600		263	-12	242	28.04	23.50	-3.65
	0	0	0	0	0.00	0.00	48,700		183	13	75	28.16	26.40	-1.15
	0	0	0	0	0.00	0.00	48,800		258	-45	162	27.77	26.35	-2.65
	0	0	0	0	0.00	0.00	48,900		170	-19	146	27.89	29.55	-0.65
	722	-1	2	0	6235.25	-339.75	49,000		13,628	1,027	14,138	27.38	28.70	-2.70
	0	0	0	0	0.00	0.00	49,100		275	5	213	27.14	29.65	-2.45
	0	0	0	0	0.00	0.00	49,200		239	9	438	26.85	30.35	-4.35
	0	0	0	0	0.00	0.00	49,300		332	-45	226	27.00	34.30	-1.45
	0	0	0	0	0.00	0.00	49,400		338	33	1,237	26.71	35.05	-3.50
	98	0	0	0	0.00	0.00	49,500		12,685	538	15,438	26.42	35.85	-3.40
	0	0	0	0	0.00	0.00	49,600		397	0	540	26.27	37.85	-3.75
	0	0	0	0	0.00	0.00	49,700		458	-48	388	26.08	39.60	-4.60
	0	0	0	0	0.00	0.00	49,800		777	-20	501	25.80	40.65	-6.05
	0	0	0	0	0.00	0.00	49,900		752	-124	1,572	25.77	44.10	-5.30
	2,475	-2	128	0	5315.45	141.55	50,000		27,704	1,428	32,049	25.63	46.70	-5.50
	1	0	0	0	0.00	0.00	50,100		1,102	-148	1,231	25.50	49.55	-6.10
	7	0	0	34.26	0.00	0.00	50,200		714	-100	657	25.36	52.45	-6.40
	0	0	0	0	0.00	0.00	50,300		823	202	1,900	25.17	54.90	-7.10
	9	0	0	26.29	0.00	0.00	50,400		581	-44	724	24.89	56.45	-9.65
	25	0	3	19.03	4951.45	471.45	50,500		9,513	482	13,311	24.79	60.25	-8.75
	3	0	0	23.61	0.00	0.00	50,600		535	-227	1,272	24.55	62.60	-11.60
	0	0	0	0	0.00	0.00	50,700		804	129	933	24.52	67.65	-10.40
	1	0	0	19.34	0.00	0.00	50,800		1,002	133	963	24.36	71.30	-11.75
	6	0	0	7.46	0.00	0.00	50,900		926	21	766	24.25	76.00	-10.95
	987	-55	328	0	4338.90	130.10	51,000		16,693	-568	24,465	24.07	79.80	-13.00
	2	0	0	20.78	0.00	0.00	51,100		825	-22	2,139	23.96	84.90	-12.45
	16	0	0	28.56	0.00	0.00	51,200		1,803	-832	5,657	23.81	89.70	-14.25
	19	0	5	0	4005.00	0.00	51,300		1,591	-79	1,975	23.69	95.25	-14.75
	19	-9	9	0	3955.40	526.70	51,400		929	-24	1,714	23.53	100.50	-15.40
	243	-13	43	23.36	4050.00	263.20	51,500		10,669	-380	10,989	23.44	107.30	-15.80
	42	0	0	0	0.00	0.00	51,600		737	-44	730	23.30	113.50	-17.75
	48	0	0	28.62	0.00	0.00	51,700		1,172	34	1,288	23.24	121.70	-17.35
	33	0	4	21.75	3747.70	-35.55	51,800		875	-7	1,321	23.06	127.95	-19.45
	12	-3	3	0	3463.05	-291.85	51,900		1,030	5	1,828	23.00	136.95	-20.40
	2,102	6	414	0	3405.00	101.95	52,000		21,289	1,926	34,015	22.90	145.80	-22.35
	24	0	0	26.79	0.00	0.00	52,100		927	-80	1,359	22.71	152.85	-23.55
	45	0	1	25.96	3500.00	92.20	52,200		1,327	-5	3,115	22.59	162.25	-27.60
	52	0	0	22.46	0.00	0.00	52,300		1,295	117	3,799	22.50	172.70	-26.05
	37	0	1	0	2654.35	-613.30	52,400		1,176	-74	3,204	22.38	182.90	-28.95
	701	-7	71	11.63	2959.30	62.45	52,500		9,865	21	17,076	22.28	194.55	-30.65
	62	0	1	22.8	3074.05	0.00	52,600		985	71	2,599	22.25	208.60	-29.50
	89	0	0	23.93	0.00	0.00	52,700		1,445	-12	2,799	22.06	218.60	-35.20
	102	-2	3	24.79	2973.55	315.70	52,800		1,531	-13	2,729	21.96	232.15	-37.20
	181	0	0	22.85	0.00	0.00	52,900		1,221	-243	2,953	21.85	246.05	-37.45
	4,866	-57	1,623	15.06	2532.20	93.45	53,000		22,949	393	37,087	21.76	261.20	-38.95
	374	0	6	14.67	2434.30	44.30	53,100		1,416	-42	3,733	21.70	278.40	-39.95
	531	-11	71	15.4	2362.45	87.40	53,200		2,271	-373	3,360	21.63	296.00	-40.35
	685	-12	41	15.99	2291.25	55.65	53,300		1,799	-108	3,338	21.58	315.15	-41.50
	557	-12	40	16.49	2221.00	45.20	53,400		2,169	16	3,554	21.49	333.95	-46.85
	11,257	-82	571	15.95	2121.60	70.60	53,500		21,884	367	20,644	21.24	348.00	-52.70
	1,854	-26	66	16.96	2072.30	128.40	53,600		2,608	-131	4,212	21.29	374.00	-54.00
	862	-65	99	16.22	1967.20	79.05	53,700		2,339	-225	3,213	21.24	397.35	-49.25
	1,198	-36	110	16.83	1909.80	82.65	53,800		2,497	-31	3,910	21.10	418.00	-55.40
	976	-7	50	16.62	1824.95	58.45	53,900		1,835	-90	2,768	21.03	442.80	-56.20
	32,945	-27	11,144	16.82	1756.90	72.25	54,000		46,259	-152	54,194	20.86	464.30	-63.70
	1,604	-89	337	16.7	1678.00	50.55	54,100		2,361	81	5,712	20.85	494.00	-60.25
	2,163	-25	598	16.51	1597.85	44.00	54,200		3,514	-73	6,764	20.75	520.95	-68.25
	3,691	578	1,726	16.75	1537.00	48.80	54,300		4,104	-474	8,522	20.88	559.55	-59.75
	4,151	-111	1,176	16.92	1475.10	57.55	54,400		2,998	-298	7,927	20.76	588.00	-64.45
	15,486	-814	13,166	17.05	1413.35	68.80	54,500		17,247	839	39,065	20.70	621.00	-68.90
	3,577	-299	2,131	16.86	1339.15	48.55	54,600		4,125	-358	9,757	20.42	644.60	-79.80
	2,127	-204	6,228	16.73	1269.20	42.35	54,700		3,553	-338	14,410	20.58	690.50	-73.55
	2,433	102	12,585	16.9	1215.00	49.10	54,800		4,510	759	20,960	20.51	727.00	-76.70
	2,205	-304	14,601	16.9	1155.00	48.30	54,900		3,356	418	19,437	20.51	768.35	-73.85
	29,625	-3,284	101,043	16.92	1097.15	49.00	55,000		28,597	-1,358	107,817	20.50	810.55	-74.75
	3,929	214	36,863	16.62	1025.85	32.25	55,100		3,815	384	38,597	20.33	846.45	-81.35
	6,395	1,791	57,503	16.9	985.00	38.60	55,200		4,173	-523	58,391	20.27	889.30	-85.10
	8,712	145	57,357	16.69	921.50	24.30	55,300		6,007	233	45,740	20.27	936.55	-82.10
	3,950	32	37,385	16.86	878.90	35.20	55,400		2,631	-269	30,174	20.21	982.55	-85.10
	27,174	-555	89,178	16.78	825.65	30.15	55,500		18,835	225	55,198	20.35	1039.70	-82.65
	4,054	669	23,142	16.92	784.95	33.05	55,600		1,849	443	14,858	20.49	1098.75	-73.70
	2,099	-39	14,396	16.75	731.20	23.90	55,700		988	5	3,964	20.01	1128.40	-91.90
	2,523	274	15,200	16.72	686.15	21.35	55,800		1,121	0	2,535	20.17	1191.30	-88.80
	1,859	375	10,514	16.78	647.00	30.15	55,900		660	36	937	20.04	1241.45	-96.50
	32,196	941	93,353	16.84	609.95	28.80	56,000		11,660	-284	12,881	20.56	1325.15	-85.35
	1,755	404	9,661	16.7	565.00	27.00	56,100		453	-22	195	20.09	1362.00	-98.10
	2,246	154	8,863	16.76	531.45	23.65	56,200		301	-13	582	20.39	1437.25	-91.10
	1,545	432	7,626	16.71	494.00	16.80	56,300		319	10	87	20.10	1485.85	-125.70
	1,513	150	9,028	16.76	463.40	18.50	56,400		134	3	54	20.10	1549.85	-86.55
	14,954	495	33,273	16.55	422.70	10.85	56,500		4,334	124	1,624	20.20	1620.05	-109.45
	1,071	-70	5,993	16.7	399.55	12.30	56,600		90	14	226	20.29	1690.85	-106.55
	1,205	-45	6,606	16.58	366.15	9.50	56,700		98	3	185	20.15	1752.70	-117.60
	2,014	-175	13,963	16.54	338.05	7.85	56,800		54	0	0	23.19	0.00	0.00
	1,000	-113	5,590	16.66	318.20	10.90	56,900		46	34	553	20.53	1909.70	-29.25
	26,642	-83	64,368	16.61	292.35	10.10	57,000		8,394	-674	2,671	20.50	1980.30	-118.30
	1,421	72	4,529	16.59	269.45	6.00	57,100		43	0	1	22.11	2122.10	-71.70
	1,948	-11	5,743	16.58	248.45	4.50	57,200		31	3	8	18.50	2047.45	-167.15
	1,181	66	4,302	16.63	230.50	5.10	57,300		28	0	0	18.11	0.00	0.00
	1,232	262	4,150	16.63	212.40	5.00	57,400		24	0	0	15.86	0.00	0.00
	12,694	-221	25,434	16.66	196.25	4.45	57,500		4,099	0	38	21.68	2402.90	-112.65
	902	14	5,198	16.69	181.00	4.40	57,600		20	-1	6	22.24	2502.00	0.00
	1,358	82	3,554	16.69	166.20	2.50	57,700		10	0	1	18.21	2437.25	-125.05
	1,768	-61	3,234	16.71	152.85	1.80	57,800		8	0	0	26.83	0.00	0.00
	910	20	2,090	16.66	138.30	-0.60	57,900		16	0	0	35.45	0.00	0.00
	25,213	516	50,912	16.63	125.70	-1.65	58,000		6,710	-667	1,466	22.04	2812.90	-139.35
	1,140	22	1,476	16.69	116.05	-2.90	58,100		14	0	0	0.00	0.00	0.00
	1,453	45	2,720	16.75	107.05	-2.95	58,200		13	0	0	19.89	0.00	0.00
	1,544	-7	2,260	16.77	98.00	-2.40	58,300		6	0	0	0.00	0.00	0.00
	1,204	161	2,325	16.86	90.90	-2.00	58,400		13	0	0	0.00	0.00	0.00
	11,455	-493	22,214	16.86	82.65	-2.90	58,500		2,666	-16	67	25.04	3325.50	-120.50
	1,089	-114	1,937	16.93	76.20	-2.40	58,600		4	0	0	24.97	0.00	0.00
	1,502	223	1,820	16.92	69.00	-3.20	58,700		83	0	2	11.12	3224.85	-50.15
	1,565	85	2,451	16.98	63.40	-3.05	58,800		6	0	0	0.00	0.00	0.00
	1,109	33	2,142	17.15	60.05	-2.15	58,900		15	0	0	0.00	0.00	0.00
	21,248	1,413	37,916	17.14	54.25	-3.45	59,000		4,628	-389	712	24.52	3733.30	-121.25
	1,379	123	1,717	17.21	49.95	-3.60	59,100		0	0	0	0.00	0.00	0.00
	1,589	549	2,769	17.35	46.90	-2.80	59,200		0	0	0	0.00	0.00	0.00
	2,238	861	4,812	17.43	43.35	-2.30	59,300		18	0	0	0.00	0.00	0.00
	1,028	78	1,738	17.44	39.35	-3.25	59,400		0	0	0	0.00	0.00	0.00
	10,035	675	30,576	17.63	37.55	-2.55	59,500		368	-5	15	29.20	4300.00	235.40
	407	-295	1,769	17.72	34.85	-1.90	59,600		0	0	0	0.00	0.00	0.00
	419	-369	1,835	18.06	34.90	0.95	59,700		0	0	0	0.00	0.00	0.00
	706	95	1,243	17.59	27.10	-5.25	59,800		31	0	0	0.00	0.00	0.00
	451	58	1,466	18.14	29.15	-1.25	59,900		0	0	0	0.00	0.00	0.00
	62,790	208	113,276	18.1	26.00	-2.40	60,000		28,267	-3,365	8,085	29.24	4736.20	-111.85
	416	37	693	18.21	24.30	-2.30	60,100		0	0	0	0.00	0.00	0.00
	425	16	309	18.07	20.80	-3.95	60,200		2	0	0	21.02	0.00	0.00
	180	-28	221	18.43	21.20	-2.20	60,300		0	0	0	0.00	0.00	0.00
	227	-8	308	18.28	18.10	-3.45	60,400		0	0	0	0.00	0.00	0.00
	5,083	-468	9,307	18.63	18.45	-2.10	60,500		118	0	0	45.53	0.00	0.00
	312	6	440	18.75	17.35	-1.55	60,600		0	0	0	0.00	0.00	0.00
	208	48	424	18.91	16.50	-1.25	60,700		0	0	0	0.00	0.00	0.00
	194	18	197	18.97	15.20	-1.40	60,800		0	0	0	0.00	0.00	0.00
	146	-15	248	19.21	14.95	-1.30	60,900		0	0	0	0.00	0.00	0.00
	13,653	-2,811	24,217	19.09	12.90	-1.95	61,000		1,605	-1	9	34.60	5760.00	-60.00
	257	-9	280	19.41	13.05	-1.30	61,100		0	0	0	0.00	0.00	0.00
	273	-28	218	19.49	12.15	-1.15	61,200		0	0	0	0.00	0.00	0.00
	114	6	577	19.79	12.25	0.60	61,300		0	0	0	0.00	0.00	0.00
	131	12	397	19.74	10.85	-0.70	61,400		0	0	0	0.00	0.00	0.00
	2,619	-31	3,778	19.71	9.65	-1.95	61,500		166	0	0	26.49	0.00	0.00
	112	-4	85	20.32	11.00	0.05	61,600		0	0	0	0.00	0.00	0.00
	295	35	296	19.95	8.60	-1.75	61,700		0	0	0	0.00	0.00	0.00
	176	27	378	20.5	9.60	-0.10	61,800		0	0	0	0.00	0.00	0.00
	172	78	395	20.26	7.90	-1.05	61,900		0	0	0	0.00	0.00	0.00
	9,749	97	5,286	20.45	7.70	-0.65	62,000		2,048	16	44	33.76	6650.00	-134.60
	126	-34	52	20.56	7.25	-1.40	62,100		0	0	0	0.00	0.00	0.00
	47	0	2	20.87	7.40	-0.10	62,200		0	0	0	0.00	0.00	0.00
	95	11	86	21.22	7.70	0.10	62,300		0	0	0	0.00	0.00	0.00
	86	-8	61	21.05	6.50	-0.85	62,400		0	0	0	0.00	0.00	0.00
	784	-21	187	21.28	6.45	-0.70	62,500		48	0	0	0.00	0.00	0.00
	111	15	88	21.35	6.00	-0.50	62,600		0	0	0	0.00	0.00	0.00
	117	32	246	21.27	5.25	-0.95	62,700		0	0	0	0.00	0.00	0.00
	234	188	332	21.47	5.15	-0.65	62,800		0	0	0	0.00	0.00	0.00
	92	-306	755	21.64	5.00	-2.35	62,900		0	0	0	0.00	0.00	0.00
	10,304	-656	3,225	22	5.25	-0.60	63,000		1,850	7	46	37.83	7653.15	-130.45
	418	103	839	22.81	4.50	0.15	63,500		4	0	0	0.00	0.00	0.00
	5,311	-83	3,027	23.03	3.05	-0.35	64,000		1,013	0	0	37.36	0.00	0.00
	473	-76	1,005	24.26	3.20	0.05	64,500		0	0	0	0.00	0.00	0.00
	3,572	-82	480	24.76	2.50	-0.20	65,000		1,745	0	1	0.00	9400.00	-323.40
	1,774	18	309	26.46	2.10	-0.15	66,000		756	0	3	48.76	10650.00	-45.05
	930	0	3,229	28.97	1.70	-0.25	67,500		190	0	0	34.80	0.00	0.00
	1,709	-81	7,242	31.97	1.75	-0.20	69,000		87	0	0	95.61	0.00	0.00

What is Option Chain?

An option chain is a listing of all the available options contracts for a particular underlying asset, such as a stock, commodity, or currency. It typically includes the expiration date, strike price, and the bid and ask price for each option contract.

An option chain can be used to find the right options contract to trade. For example, a trader can use an option chain to find options contracts with expiration dates and strike prices that align with their investment goals and risk tolerance. They can also use the bid and ask prices to determine the price at which they can buy or sell an options contract.

What is Future & Options?

In futures trading, a buyer and seller agree to trade an underlying asset at a certain price on a future date. The buyer is obligated to purchase the asset, while the seller is obligated to sell it. This can be used to hedge against price changes in the underlying asset, or to speculate on future price movements. Options trading is similar, but it gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a certain price on or before a certain date. The buyer of an option pays a premium for this right. There are two main types of options: calls, which give the buyer the right to buy an underlying asset, and puts, which give the buyer the right to sell an underlying asset. Options can be used for hedging or speculation, as well as for creating more complex trading strategies.

Options trading is similar, but it gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a certain price on or before a certain date. The buyer of an option pays a premium for this right. There are two main types of options: calls, which give the buyer the right to buy an underlying asset, and puts, which give the buyer the right to sell an underlying asset. Options can be used for hedging or speculation, as well as for creating more complex trading strategies.

What is Open Interest?

Open interest is a measure of the number of outstanding option or futures contracts that have not been settled or closed. It represents the number of contracts that have been initiated, but not yet liquidated by an offsetting transaction or fulfilled by delivery.

Open Interest is a commonly used metric in options and futures trading, it can be found on most trading platforms, and it can provide valuable information for traders to analyze the market sentiment and liquidity of the underlying assets.

What is Change in Open Interest (OI)?

Change in OI means how many new contracts added or removed to current trading session as compared to last day trading session closing.

What are Options Greek?

Options Greeks are a set of metrics that are used to measure the sensitivity of an option's price to different factors, such as changes in the price of the underlying asset, changes in volatility, and changes in the time remaining until the option's expiration date. The main options Greeks are:

Delta: Measures the change in the option's price in relation to a change in the price of the underlying asset. A delta of 0.5, for example, means that if the underlying asset's price increases by $1, the option's price will increase by $0.50.

Gamma: Measures the change in delta in relation to a change in the price of the underlying asset. A high gamma means that delta is changing rapidly as the underlying asset's price changes, which can indicate a high level of risk.

Theta: Measures the change in the option's price in relation to the time remaining until the option's expiration date. A theta of -0.05, for example, means that if the option has one year until expiration, its value will decrease by $0.05.

Vega: Measures the change in the option's price in relation to a change in volatility. A vega of 0.10, for example, means that if volatility increases by 1%, the option's price will increase by $0.10.

Rho: Measures the change in the option's price in relation to the change in the interest rate. A high Rho means that the option's price is more sensitive to interest rate changes.

Options Greeks are important tools that traders can use to assess the risk and potential rewards of different options trades, and to make more informed decisions about how to manage their positions. It is important to note that these metrics are based on mathematical models and assumptions, which can be affected by market conditions and other factors.

What is Implied Volatility(IV)?

Implied volatility (IV) is a metric that is used to estimate the level of volatility that is implied by the current price of an option. It is derived mathematically from the option's price, strike price, expiration date, and other factors, using a model such as the Black-Scholes model.

Implied volatility is useful because it provides a measure of the market's expectation of how much the price of the underlying asset will fluctuate in the future. A high implied volatility suggests that the market expects the underlying asset's price to be more volatile, while a low implied volatility suggests that the market expects the underlying asset's price to be less volatile.