i mean in last election result day did ATM IV shot up 120 only on weekly expiry or also corresponding monthly expiry
It seems that VIX and IV dont have a simplistic direct relation. For example on exit poll of 2019 on 20 may, Vix dropped from 28 to 23 but IV went from 47 to 57 and was at it highest at the morning of result day. So it seems that call positions can be hold till a day before result to get advantage of IV.
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Wow, that was a great insight I missed, but is logical. Thanks for sharing this!