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Does Vanna Tend to Be Highest for ATM or OTM Options?

Vanna is highest for ATM options because their Delta is most sensitive to changes in implied volatility.
Greeks.Live24.11.25

Does Vanna Tend to Be Highest for ATM or OTM Options?

Vanna tends to be highest for At-the-Money (ATM) options. This is because the Delta of an ATM option is most sensitive to changes in implied volatility.

A small change in IV has the largest impact on the probability of an ATM option expiring ITM, leading to the greatest change in Delta, which is the definition of Vanna.

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