Thank you. That is a useful heuristic. As I check, the VIX is 14.1% and 30d ATM options are at 11.3%. 30d OOM strikes with deltas (-)25% (puts) and (+)25% (calls) are at 14% and 10%. So, for the ATM, that sounds close. As the VIX moves up and down, do you find that the shape of the 30d smirk tends t...