In a unified model-free framework that includes long-expiry, short-expiry, extreme-strike, and jointly-varying strike-expiry regimes, we find asymptotic implied volatility and implied variance formulas in terms of L, with rigorous error estimates of order 1/L to any given power, where L denotes...

We show that a volatility-managed strategy using equity options provides higher alphas, increases Sharpe ratios, and generates significant utility gains for investors, exceeding those of the statistical volatility-managed counterparts. Return and volatility expectations embedded in options...