vomma01 Mark Sebastian former market maker real iv rallying: st

When IV's are rallying, we will generally see short term IV run up at a faster rate than longer term months (authors note: Some people like to call this the 'gamma of volatility' of VOMMA.  I do not like that term since it is not truly related to vega.  Instead I usually just weight the months so that I get a better idea of how the vega's of the short and long months will interact

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