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What Is the Relationship between Vega and the Volatility Smile/skew?

Vega measures sensitivity to the level of implied volatility, while the smile/skew describes how that implied volatility level varies across strikes.
Greeks.Live24.11.25

What Is the Relationship between Vega and the Volatility Smile/skew?

Vega is the sensitivity of the option price to the implied volatility level, while the volatility smile/skew describes how implied volatility varies across different strike prices. The smile/skew is a plot of the implied volatility used to calculate the option's Vega.

A trader must use the Vega corresponding to the specific strike price on the smile/skew to accurately determine the option's price sensitivity to volatility changes.

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