Volatility Smile
Also called: volatility smile, volatility skew, the smile skew
The real-world pattern where options far from the money imply higher volatility than those at the money — plotting them curves like a smile or skew. It's the market admitting big moves happen more than a bell curve predicts.
Where this is taught
Definitions are the trailer. These free levels turn Volatility Smile into something you play — one bite-size lesson, with worked examples, a quiz and XP.