volatality smile vs skew are actually for option sellers.. in general they always speak in these in terma of OTM.. but for buyer... we have to understand by IV at ATM.. voltality smile --- when IV is low at ATM than OTM for any put or call options.. applis to both... voltality sque - When voltality smile is cheaper for calls than puts... that means IV at ATM for calls is cheaper than IV at OTM for puts Let's consider an example with the current price at 792. Suppose: ATM Call (strike 790-795) : IV = 15% OTM Call (strike 820) : IV = 20% OTM Put (strike 760) : IV = 25% Volatility Smile: IV is lower at ATM (15%) and higher at OTM (20% and 25%). Volatility Skew: IV is higher for OTM Put (25%) than OTM Call (20%), indicating bearish sentiment. Seller's perspective: Sell OTM Put (760) at 25% IV → collect higher premium Sell OTM Call (820) at 20% IV → collect premium, but less than OTM Put Buyer's perspective: Buy ATM Call (790-795) at 15% IV → relatively cheaper Buy OTM Call (8...