How do I measure how quickly a binomial lattice converges to an option value as the number of steps is increased?
I'm charting option value versus number of steps for various binomial lattice models and while the values generally converge as the number of steps increases, the rate at which they converge differs. For example, Model A converges fastest for at-the-money puts but Model B converges fastest for an otherwise identical option that is deep in-the-money.
Eyeballing the charts it seems obvious (sometimes) which model pick for a particular scenario, but how do you quantify this?