问题如下：
Gupta interviews a currency overlay manager on behalf of Portfolio A. The foreign currency overlay manager describes volatility-based trading, compares volatility-based trading strategies and explains how the firm uses currency options to establish positions in the foreign exchange market. The overlay manager states:
Statement 1 "Given the current stability in financial markets, several traders at our firm take advantage of the fact that most options expire out-of-the money and therefore are net-short volatility."
Statement 2 "Traders that want to minimize the impact of unanticipated price volatility are net-long volatility."
7. Comppare Statement 1 and Statement 2 and identify which best explains the view of a speculative volatility trader and which best explains the view of a hedger of volatility. Justify your response.
选项： 解释：
Statements 1 and 2 compare differences between speculative volatility traders and hedgers of volatility. Statement 1 best explains the view of a speculative volatility trader. Speculative volatility traders often want to be net-short volatility, if they believe that market conditions will remains stable. The reason for this is that most options expire out-of-the money, and the option writer can then keep the option premium as a payment earned for accepting volatility risk. (Speculative volatility traders would want to be long volatility if they thought volatility was likely to increase.) Statement 2 best describes the view of a hedger of volatility. Most hedgers are net-long volatility since they want to buy protection from unanticipated price volatility. Buying currency risk protection generally means a long option position. This can be thought of as paying an insurance premium for protection against exchange rate volatility.
老师你好，何老师在讲解时提到目前市场都是otm的option，所以波动不大，不太理解这个逻辑，为什么expire out of the money就是波动不大呢
