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The forward instrument vol curve is skewed to the downside (50 delta risk reversal, 25 put, 25 call) were trading several ticks to the put).
Is there a smaller standard deviation (in price terms) to the upside vs. downside?
How is this difference expressed in a model?

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Many of the questions on implied vol on this site discuss the issue. – Brian B Feb 16 '12 at 22:53

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