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  • A bit confused here. Skew can mean so many different things. It can mean the different IVs along the strike axis (sometimes called vertical skew), can mean the IVs along term structure (sometimes called horizontal skew or calendar spreads); it might mean difference between call and put implied volatilities, or even scaled vol of vol.
  • And what does buying vol mean? Straddles? Strangles? Butterflies? Condors? Is it buying with long expiry (and hence a "vega" trade); or more on the short end (and hence a "gamma" trade)?
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    $\begingroup$ I have told many people that have worked for me that the best practice is to understand what you are exposing yourself to in a given transaction and disregard the nomenclature, which, as you point out, is ever evolving--for no good reason :) $\endgroup$
    – amdopt
    Aug 31 at 11:30

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