NO.PZ2020033001000095
问题如下：
Which of the following statements is least accurately describes volatility smiles?
选项：
A. Currency options exhibit volatility smiles due to the lower implied volatility in away-from-the-money options than at-the-money options.
B. Volatility frowns result when asset prices have jumps rather than being continuous .
C. Equity options exhibit a volatility smirk because the implied volatility is greater in low strike price options.
D. Traders expect more asymmetric extreme price movements in equity than currency.
解释：
A is correct.
考点：Volatility smile
解析：
Currency options exhibit volatility smiles because the at-the-money options have lower implied volatility than away-from-the-money options.
是指in the money 还是 out of money，如果是 out of money，那是不是还要分call和put呢？
