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Which option carries the most vega?

Two at-the-money options on the same \100stock:oneexpiresinstock: one expires in1month,theotherinmonth, the other in1$ year.

Which has more vega, and by roughly what factor? What does that mean for how you'd trade a view on implied volatility?

Your answer

This one is open-ended. Work it through, then check your reasoning against the full solution.

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