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📜 SIDE QUEST · DEEP DIVE
· ◆◆◆◆◆ · ~12 min
The Volatility Smile, Explained
Why one volatility number can't price every option — and what desks do about it.
"The number that proves Black–Scholes is 'wrong'."
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.