Volatility

• Implied vs. Historical Volatility — IV is the market's price of volatility, HV is realized dispersion — how each is measured and how their divergence becomes a trading signal. status: stable
• Skew and Term Structure — How implied volatility varies by strike (skew/smile) and by expiration (contango/backwardation), what each shape implies about market pricing, and how events reshape both. status: stable
• Vol-of-Vol — The volatility of implied volatility itself — VVIX, why short-vol strategies are implicitly short vol-of-vol, and the regime-risk implications. status: draft
• Vol Trading P&L — Where the Money Actually Comes From — How a volatility trader earns — forecasting vol against the market's price of vol, with hedging costs and gamma/theta exchange eating the theoretical edge. status: stable

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