In quiet markets, the number of people who want to sell options increases, driving their prices, and thus the level of implied volatility, down.

在市场平静的时候，愿意出售期权的人增加，使它们的价格，也就是隐含波动性的等级下降。

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They have been willing to pay a higher price (as measured by implied volatility) for extreme out-of-the-money options than for contracts that insure against smaller market declines.

对处于价外状态的期权而言，投资者已乐意为此支付比那些承保小幅下跌的合约更高的价格(以隐含波动为衡量标准)。

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This is because implied volatility is generally higher than realised.

这是因为隐含波动率通常高于实际波动率。

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Options implied volatility on Hewlett-Packard earlier rose to 56.05%, but currently stands 20.05% higher on the session at 53.47% as of 1:40 pm ET.

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For those doubting Thomases who think the market is much too efficient to be affected by a few banks and funds selling options, it is worth bearing in mind that in the early 1990s one man single-handedly drove the implied volatility on Japan's Nikkei-225 average from 22% to 11% by dint of selling 34, 000 options on it.

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Options implied volatility on the Beijing-based company increased 11.2% to 47.03% as of 1:00pm in New York, with overall options volume on the stock exceeding 99, 930 contracts.

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