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.
	7	0	0	0	0.00	0.00	46,000		5,885	-2 -24	8,254 1,331	73.55	0.70	-0.45
	1	0	0	0	0.00	0.00	46,500		1,379	-183 -9	588 14	73.41	1.15	-0.30
	1	0	0	0	0.00	0.00	47,000		1,146	-284 2	1,205	71.93	1.50	-0.05
	0	0	0	0	0.00	0.00	47,500		607	21	132	69.75	1.75	-0.25
	0	0	0	0	0.00	0.00	48,700		711	1	99 8	61.25	1.45	-0.50
	0	0	0	0	0.00	0.00	48,800		41	0	4	62.70	2.10	-0.35
	0	0	0	0	0.00	0.00	48,900		15	0	12	60.89	1.70	-1.00
	408	-68	140	0	9890.00	-537.05	49,000		783	-82	1,074 99	60.89	1.70	-0.95
	1	0	0	0	0.00	0.00	49,600		8	0	0	0.00	0.00	0.00
	1	0	0	0	0.00	0.00	49,700		81	2	42 1	60.69	3.90	0.85
	1	0	0	0	0.00	0.00	49,800		121	0	23	56.37	2.05	-1.95
	4	2	4	76.96	8750.00	406.95	50,200		28	0	0	0.00	0.00	0.00
	4	0	2	88.08	8700.00	1001.15	50,300		18	0	0	0.00	0.00	0.00
	2	0	0	0	0.00	0.00	50,400		11	0	0	0.00	0.00	0.00
	18	-2	6	88.61	8513.10	-442.75	50,500		409	-30 -22	543 50	53.29	2.40	-0.95
	2	0	0	0	0.00	0.00	50,600		9	0	0	0.00	0.00	0.00
	415	-63 -1	68 1	0	7885.40	-503.40	51,000		2,014	-533 -4	3,210 280	50.28	2.65	-1.30
	9	0	0	0	0.00	0.00	51,100		0	0	0	0.00	0.00	0.00
	24	0	1	0	7382.90	-382.10	51,500		604	80 -95	1,409 133	47.70	3.00	-0.95
	12	0	0	0	0.00	0.00	51,600		20	-1	111	46.74	2.75	-3.80
	16	0	0	0	0.00	0.00	51,700		44	10	90	46.46	2.95	-0.55
	17	0	0	0	0.00	0.00	51,800		27	17	109	45.75	2.90	-1.85
	17	0	0	0	0.00	0.00	51,900		27	9 2	83 2	45.29	3.00	-1.30
	18	0	0	0	0.00	0.00	52,300		55	-7	165	43.03	3.15	-1.40
	17	0	0	0	0.00	0.00	52,400		19	-4	81	42.19	3.00	-1.95
	26	-2	6	0	6400.00	-500.00	52,500		1,114	-130 -19	1,890 63	42.32	3.40	-0.70
	17	0	0	0	0.00	0.00	52,900		43	2 -2	137 1	39.30	3.05	-1.50
	354	-25	46	0	5890.00	-558.45	53,000		6,610	-31 -18	6,795 333	39.30	3.50	-0.90
	14	0	1	56.26	5675.00	388.45	53,300		91	0	102 2	37.59	4.00	-0.75
	21	0	0	0	0.00	0.00	53,400		50	10	58 11	36.63	3.50	-2.00
	21	0	0	0	0.00	0.00	53,700		213	-29 -38	246 37	35.62	4.30	-1.20
	43	0	0	0	0.00	0.00	53,800		145	-9 -10	44 24	34.45	3.95	-0.55
	22	0	0	0	0.00	0.00	54,100		171	3 -8	104 3	33.07	4.70	-0.55
	92	0	40	55.3	4825.00	-400.00	54,200		238	3 -2	278 43	32.57	4.55	-0.30
	296	-47 -8	57 1	0	4392.20	-508.80	54,500		3,765	543 363	12,250 1,745	30.69	4.55	-1.00
	21	0	0	0	0.00	0.00	54,600		241	-40 -9	681 157	30.21	4.95	-0.20
	89	0	0	0	0.00	0.00	54,900		343	-78 -6	903 89	28.57	5.20	-0.75
	1,487	-773 162	1,330 203	0	3850.00	-558.55	55,000		16,158	-985 785	41,469 6,290	27.92	5.25	-1.00
	26	0	5	55.78	3851.95	1035.20	55,300		206	-47 -6	1,086 111	26.19	5.75	-0.60
	148	-6 -2	19 13	0	3451.00	-174.00	55,400		549	-157 -16	1,438 126	25.74	6.00	-0.85
	51	-2	3	45.96	3470.00	165.90	55,600		1,194	-213 -3	6,300 314	24.61	6.25	-0.90
	32	0	3 1	22.22	3221.15	-478.85	55,700		761	-177 -18	2,692 321	24.10	6.45	-0.80
	3,131	-1,545 -5	1,949 14	0	2850.00	-556.60	56,000		19,396	-3,498 -1183	76,797 4,523	22.27	6.80	-0.55
	36	0	1	36.96	2926.40	41.10	56,100		1,042	-458 -176	6,159 497	21.66	7.05	-0.80
	93	-4	10	0	2708.10	-77.25	56,200		1,193	-1,047 2	7,029 812	21.11	7.45	-0.35
	59	-1	5	32.8	2703.55	-39.10	56,300		1,124	73 176	5,166 399	20.44	7.60	-1.00
	139	-2	7	0	2310.00	-487.10	56,600		1,791	-26 -288	8,871 1,066	18.75	8.60	-1.00
	271	0	22	27.35	2287.60	-462.40	56,700		3,115	71 -35	7,415 742	18.22	9.05	-0.90
	12,268	-163 -20	1,911 68	0	1860.00	-560.40	57,000		38,885	-380 -596	113,890 6,705	16.69	11.55	-0.25
	316	-3	7	0	1795.45	-526.20	57,100		2,810	-269 -120	13,121 846	16.28	13.00	0.40
	635	-21	41	0	1510.05	-529.95	57,400		3,972	-831 -147	18,624 682	14.98	18.90	3.25
	3,238	-272 -3	1,281 80	0	1373.30	-550.25	57,500		24,599	3,670 1078	127,383 7,813	14.54	21.45	4.55
	1,106	-195 -1	530 7	0	1200.00	-520.90	57,700		5,340	-715 641	38,592 3,449	13.82	29.55	9.10
	1,322	-73 -1	484 15	11.22	1075.00	-543.80	57,800		7,422	-162 925	56,087 3,377	13.43	34.30	11.75
	1,685	-117 -16	1,914 126	9.98	800.00	-530.20	58,100		5,394	-836 -352	71,323 2,605	12.46	58.35	25.55
	2,907	-762 -44	4,705 111	10.19	710.00	-532.80	58,200		8,022	-1,935 -476	87,718 4,435	12.17	70.20	33.40
	19,351	-4,308 -220	67,175 1,708	10	467.35	-491.85	58,500		34,401	-4,109 -939	352,408 11,947	11.50	129.25	68.70
	4,994	1,831 175	42,191 1,986	9.86	333.00	-447.00	58,700		9,852	-4 118	183,819 8,041	11.18	192.00	107.40
	6,100	2,887 -220	116,954 5,971	9.82	273.70	-434.35	58,800		18,267	1,729 -216	270,300 11,870	11.07	233.15	132.80
	17,085	11,029 -1,661	382,204 8,998	9.9	145.00	-325.65	59,100		7,778	-4,411 -774	332,529 4,908	11.14	403.05	227.55
	23,986	14,852 -1,605	377,986 10,038	10	116.05	-289.05	59,200		6,836	-3,925 -861	237,562 3,552	11.32	475.00	265.60
	22,502	6,710 -639	267,229 8,329	10.1	92.50	-252.50	59,300		5,392	-6,861 -399	125,277 1,849	11.60	550.85	300.65
	8,514	3,433 194	128,410 4,139	10.59	46.40	-153.05	59,600		818	-744 -73	19,763 297	12.49	795.65	392.65
	5,133	1,617 -250	74,484 3,741	11.35	25.15	-80.85	59,900		280	-131 -19	3,054 43	12.27	1074.00	465.90
	45,235	11,081 649	283,725 15,520	11.69	21.15	-64.20	60,000		3,132	-503 -31	11,651 246	14.04	1179.00	490.75
	5,906	2,164 -334	64,162 4,590	12.23	14.50	-39.35	60,200		160	30 -1	346 2	14.63	1353.10	494.85
	19,527	4,318 46	125,620 5,296	13.36	9.55	-18.10	60,500		317	-60 1	675 5	16.62	1665.55	542.80
	3,903	332 -60	29,794 1,347	13.68	8.35	-14.20	60,600		78	38	102	14.05	1686.40	473.95
	3,752	445 -88	33,557 1,492	14.09	7.40	-10.95	60,700		16	0	1	0.00	1750.00	429.10
	2,563	-302 -580	23,443 1,927	14.51	6.80	-8.15	60,800		31	0	1	0.00	1643.45	250.60
	3,018	242 85	15,935 925	15.95	5.50	-3.90	61,100		7	0	0	0.00	0.00	0.00
	1,364	-504 -26	11,084 482	16.47	5.35	-2.80	61,200		11	0	0	0.00	0.00	0.00
	1,104	-546 1	8,308 462	16.94	5.00	-1.85	61,300		7	0	0	0.00	0.00	0.00
	1,791	205 460	7,634 1,055	17.49	5.05	-1.10	61,400		7	0	0	0.00	0.00	0.00
	1,142	717 -177	7,032 612	18.38	4.45	-0.70	61,600		15	0	0	0.00	0.00	0.00
	1,332	622 3	3,895 288	18.84	4.15	-0.40	61,700		8	0	0	0.00	0.00	0.00
	25,654	-171 -392	72,526 5,504	20.45	4.00	0.20	62,000		1,139	-182 -66	264 74	27.35	3106.50	515.05
	695	151 -3	1,993 42	20.95	3.90	0.30	62,100		7	0	0	0.00	0.00	0.00
	538	-207 -7	1,218 142	22.31	3.55	-0.05	62,400		8	0	0	0.00	0.00	0.00
	8,299	2,754 -318	33,065 2,155	22.9	3.40	0.45	62,500		13	0	0	0.00	0.00	0.00
	379	-7 3	305 94	23.88	3.10	0.20	62,800		6	0	0	0.00	0.00	0.00
	512	-13 -13	598 116	24.51	3.05	0.40	62,900		9	0	0	0.00	0.00	0.00
	11,661	-722 199	21,834 1,090	25.09	2.75	0.00	63,000		465	-344	395	36.18	4110.00	511.45
	361	114 49	423 52	25.76	2.80	-0.15	63,100		0	0	0	0.00	0.00	0.00
	28	-2 2	32 1	26.95	2.30	-0.30	63,400		0	0	0	0.00	0.00	0.00
	3,959	-488 89	9,980 640	27.29	2.45	0.00	63,500		36	0	0	0.00	0.00	0.00
	26	5	70 1	28.62	2.05	-0.05	63,800		0	0	0	0.00	0.00	0.00
	49	5 -8	58 2	28.39	2.20	-0.05	63,900		0	0	0	0.00	0.00	0.00
	6	0	0	0	0.00	0.00	64,200		0	0	0	0.00	0.00	0.00
	0	0	0	0	0.00	0.00	64,300		0	0	0	0.00	0.00	0.00
	9,695	1,095 442	12,789 784	34.22	2.15	0.35	65,000		576	-155 -6	253 8	44.08	6093.55	480.35
	4,544	88 27	3,060 921	36.51	2.10	0.40	65,500		2	0	0	0.00	0.00	0.00
	143	0	274 1	41.47	1.40	-20.00	67,000		0	0	0	0.00	0.00	0.00
	1,571	-180 -2	185 3	0	10870.50	-529.40	48,000		2,328	-260 20	3,221 191	66.10	1.60	-0.50
	20	0	0	0	0.00	0.00	48,500		160	-3 -4	152 25	64.14	1.90	-0.55
	0	0	0	0	0.00	0.00	49,100		75	1	37	62.94	3.00	-0.80
	0	0	0	0	0.00	0.00	49,200		53	0	0	0.00	0.00	0.00
	0	0	0	0	0.00	0.00	49,300		54	0	0	0.00	0.00	0.00
	0	0	0	0	0.00	0.00	49,400		88	0	0	0.00	0.00	0.00
	10	0	0	0	0.00	0.00	49,500		399	5 -2	146 3	59.09	2.05	-1.10
	2	0	0	0	0.00	0.00	49,900		12	6	43	56.71	2.45	-2.60
	1,255	-486 -2	738 16	0	8850.00	-543.30	50,000		17,186	-3,575 -219	9,581 469	55.97	2.30	-0.85
	1	0	0	0	0.00	0.00	50,100		60	1 2	15 7	55.24	2.35	-0.50
	3	0	0	0	0.00	0.00	50,700		0	0	0	0.00	0.00	0.00
	2	0	0	0	0.00	0.00	50,800		0	0	0	0.00	0.00	0.00
	8	0	0	0	0.00	0.00	50,900		9	0	0	0.00	0.00	0.00
	8	0	0	0	0.00	0.00	51,200		8	0	0	0.00	0.00	0.00
	17	0	0	0	0.00	0.00	51,300		20	0	0	0.00	0.00	0.00
	11	0	0	0	0.00	0.00	51,400		9	0	0	0.00	0.00	0.00
	652	-366 -3	390 2	0	6884.80	-507.90	52,000		4,883	2,488 71	13,250 962	44.51	2.80	-1.15
	23	0	0	0	0.00	0.00	52,100		26	-21	123	43.49	2.65	-1.50
	17	0	0	0	0.00	0.00	52,200		21	1	126	42.45	2.40	-3.30
	22	0	0	0	0.00	0.00	52,600		33	0	68	41.09	3.10	-0.75
	19	0	0	0	0.00	0.00	52,700		30	-8	100 15	41.00	3.50	-0.10
	18	0	0	0	0.00	0.00	52,800		124	2	84	40.12	3.30	-0.30
	15	0	0	0	0.00	0.00	53,100		197	-5	163 8	38.38	3.40	-0.35
	23	0	0	0	0.00	0.00	53,200		79	2 3	11 2	38.44	3.60	-1.75
	219	-229 -5	277 15	0	5387.60	-532.40	53,500		3,079	101 552	5,264 1,039	35.89	3.55	-1.10
	18	0	0	0	0.00	0.00	53,600		167	0	0	0.00	0.00	0.00
	21	0	0	0	0.00	0.00	53,900		119	-6	64	33.34	3.35	-1.45
	1,139	-107 -4	137 6	0	4881.50	-535.45	54,000		8,904	822 174	18,039 1,913	33.24	3.95	-1.10
	26	-1	2	44.81	4660.00	-440.00	54,300		189	-3 -27	351 86	31.21	4.60	-0.40
	135	0	0	0	0.00	0.00	54,400		151	-2	48	31.45	4.70	-1.15
	55	0	0	0	0.00	0.00	54,700		429	29 -3	997 148	29.26	5.05	-0.90
	56	0	0	0	0.00	0.00	54,800		346	-10 5	451 132	29.11	5.10	-0.30
	27	0	7	0	3777.95	837.95	55,100		367	-61 98	1,543 120	27.50	5.45	-0.95
	11	-1	8	49.16	3860.00	180.00	55,200		432	-198 -8	2,268 111	26.78	5.30	-0.85
	1,580	-247 -2	301 11	0	3385.00	-501.90	55,500		8,979	-177 -366	47,623 4,390	25.08	5.95	-0.65
	53	-1	4	44.71	3280.00	-371.00	55,800		1,126	14 -33	6,299 959	23.38	6.45	-0.95
	66	-5	6	26.28	3034.75	-20.25	55,900		882	73 -8	4,778 233	22.85	6.55	-0.50
	102	-2	12	35.13	2639.90	-388.35	56,400		3,307	156 -499	15,115 1,694	19.89	7.90	-1.45
	1,070	-352 -9	647 9	0	2410.00	-491.15	56,500		21,862	-236 -134	66,992 4,633	19.22	8.00	-1.05
	382	-13	19	0	2116.00	-466.00	56,800		2,696	-619 59	7,723 713	17.81	10.25	-0.15
	240	-18	36	0	2000.00	-558.15	56,900		7,298	-748 -24	17,296 1,497	17.31	11.05	-0.50
	569	-12	26	0	1705.70	-516.55	57,200		4,279	-278 -162	18,327 1,535	15.80	14.45	1.35
	335	-39 -4	104 5	0	1570.00	-512.20	57,300		3,830	303 -325	15,238 1,395	15.34	16.30	2.00
	913	-26 -3	144 5	13.04	1319.35	-480.05	57,600		4,658	-405 -156	29,410 1,825	14.18	25.45	6.85
	1,591	-97 -5	593 17	11.13	980.00	-535.45	57,900		5,309	-431 -1234	55,445 3,220	13.09	40.40	15.15
	14,028	-1,233 -55	10,904 328	9.58	890.00	-540.50	58,000		35,687	-7,994 -1723	241,876 11,120	12.77	48.80	20.00
	2,745	-47 3	3,107 138	10.26	637.00	-492.00	58,300		8,263	447 802	108,128 5,366	11.90	85.25	42.35
	2,822	-101 -20	6,254 233	10.11	542.45	-498.30	58,400		12,032	5,699 -202	134,286 6,271	11.68	105.10	54.75
	8,138	1,027 89	28,026 1,068	9.95	397.80	-471.90	58,600		7,699	-554 -181	126,463 4,943	11.29	157.20	86.70
	14,170	9,793 603	241,686 11,615	9.77	222.50	-391.75	58,900		16,661	390 -942	363,857 10,298	11.01	283.35	162.95
	43,102	17,033 -1,795	665,370 21,887	9.8	179.90	-359.85	59,000		33,635	-7,842 -1314	720,411 15,678	11.06	339.95	193.80
	14,352	4,373 -1,108	185,963 6,094	10.27	73.35	-217.75	59,400		4,446	-2,983 -145	65,605 808	11.67	628.80	333.50
	34,027	10,285 -1,870	375,742 14,242	10.45	58.95	-183.45	59,500		8,055	-4,515 -324	94,942 2,198	12.16	713.75	368.60
	7,548	1,334 -140	121,468 5,601	10.82	37.45	-125.25	59,700		480	-555 -4	10,829 84	12.51	894.00	429.05
	8,632	2,048 -396	133,580 4,359	11.08	30.20	-101.30	59,800		297	-483 -28	7,096 44	12.99	989.70	453.70
	6,341	2,649 -146	61,228 2,941	11.98	17.45	-50.15	60,100		206	45 1	627 3	15.29	1258.00	488.95
	3,379	-89 -363	46,405 1,463	12.61	12.30	-30.70	60,300		70	12	66	0.00	1237.40	287.20
	3,381	229 64	39,049 1,832	12.96	10.80	-23.65	60,400		98	34	140	13.38	1490.00	440.55
	2,425	222 -382	20,363 1,709	15.07	6.50	-6.40	60,900		14	0	0	0.00	0.00	0.00
	27,769	7,611 -52	116,238 6,333	15.53	6.10	-4.85	61,000		572	100 -5	485 71	22.02	2149.75	531.30
	25,297	4,866 -1,144	69,783 5,345	17.87	4.55	-0.80	61,500		51	1	11	23.43	2600.00	477.15
	1,195	336 -63	4,178 485	19.35	4.00	-0.10	61,800		10	0	0	0.00	0.00	0.00
	1,010	669 -108	5,437 482	19.92	4.05	0.30	61,900		8	0	0	0.00	0.00	0.00
	596	208 -3	1,901 59	21.62	3.70	0.15	62,200		6	0	0	0.00	0.00	0.00
	576	-6 -3	1,627 94	21.77	3.55	0.05	62,300		9	0	0	0.00	0.00	0.00
	900	487 293	1,257 588	23.23	3.25	0.15	62,600		13	0	0	0.00	0.00	0.00
	514	-19 3	656 64	23.77	3.15	-0.15	62,700		9	0	0	0.00	0.00	0.00
	250	-20 11	261 52	26.08	2.70	-0.30	63,200		0	0	0	0.00	0.00	0.00
	188	23 -2	223 17	26.55	2.65	0.30	63,300		0	0	0	0.00	0.00	0.00
	15	-8	15	27.92	2.50	0.20	63,600		0	0	0	0.00	0.00	0.00
	28	-2	17	28.89	2.90	0.70	63,700		0	0	0	0.00	0.00	0.00
	5,060	-82 129	4,905 520	29.55	2.30	0.05	64,000		88	-19	54	0.00	4957.90	357.90
	29	15	34	28.42	1.25	-0.50	64,100		0	0	0	0.00	0.00	0.00
	1,321	-30 1	780 9	31.88	1.90	-0.15	64,500		27	0	0	0.00	0.00	0.00
	15,426	-863 -61	8,245 446	38.04	1.80	0.05	66,000		0	0	0	0.00	0.00	0.00
	575	142 4	774 17	39.56	1.30	-0.20	66,500		0	0	0	0.00	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.