<t>AS WE LEARNED IN BOOKS AND MANUALS, THERE ARE THRE TYPES OF VOLATILITY: IMPLIED (WHAT THE MARKET MAKERS INCORPORATES IN OPTION PRICES), FUTURE VOLATILITY (AS THE NAME INDICATES) AND HISTORIC OR REALIZED VOLATILITY (NORMALY, THE STANDARD DESVIATION OF RETURNS). I ALWAYS LIKE TO INDICATE THAT THERE...

USING FINANCIAL ARBITRAGEOUS ARGUMENTS, ITS EQUIVALENT GIVING THE PAYOFF TODAY OR GIVING IT 3 DAYS / MONTHS... LATER. WHAT YOU HAVE TO DO IS TO APPLY THE IMPLY DISCOUNT FACTOR TO THE PAYOFF AS IT OCCURS IN TIME "T".