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If I wanted to compare the relative volatilities of options on 2 different commodities, but the deltas are not provided, is it sufficient to compare by the % each commodities strike is in or out of the money?

For example: Compare a 1-dollar out of the money NG put to a 15-dollar out of the money power put when both strikes are 40% of their respective futures prices

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    $\begingroup$ I would say no, because each commodity has different IV and RV. I would compare on a standard-deviation OTM basis rather than %moneyness. $\endgroup$
    – user42108
    Jan 27, 2021 at 18:48
  • $\begingroup$ Do you have prices for these options? If so then yes you can compute implied vols for both. If you just have a option but no context (price or delta) then no there's nothing to imply. $\endgroup$
    – D Stanley
    Jan 29, 2021 at 17:05

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