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Why Is an ATM Option Considered the Most ‘Pure’ Volatility Play?

An ATM option is the most 'pure' volatility play because its premium is composed entirely of time value, which is driven primarily by implied volatility (IV). It has zero intrinsic value, meaning its price movement is not dominated by the underlying asset's direction (Delta).

The buyer is betting almost exclusively on the magnitude of the price movement, regardless of direction.

How Is ‘Time Value’ (Extrinsic Value) Calculated for an Option?
How Does Implied Volatility Specifically Affect the Pricing of an ATM Option?
If a Position Has 50x Leverage, What Percentage Price Change Will Result in a 100 Percent Loss of the Margin?
How Does a High Implied Volatility Affect the ‘Vega’ of an Option?