Ive tracked ImpVola levels on puts and calls for long streches....

Ive tracked ImpVola levels on puts and calls for long streches. IV levels are rarely the same Geffa, as MMs have a bias towards one side or the other, depending on their view.

With QAN, the spread is unusally wide. A spread of 15%-20%, or even 30%-40% is normal, but this wide of a spread screams opportunity. Either the puts are overpriced, or the calls are underpriced, (or both) depending on what you think of the stock. With neutral strategies, we look for a play that will expliot the differences in fair value, without taking too much of a view on where the stock is going to go.