An option's volatility component is measured by a term called vega.
Vega, one of the components of the pricing model, measures how much an option's price will change with a one point (or tick) change in implied volatility.
Based on present data, the pricing model assigns the vega for each option at different strikes, different months and different prices of the stock.
Vega is always given in dollars per one tick volatility change.
If an option is worth $1.00 at a 35 implied volatility and it has a .05 vega, then the option will be worth $1.05 if implied volatility were to increase to 36 (up one tick) and $.95 if the implied volatility were to decrease to 34 (down one tick).
Remember, vega is given in dollars per one tick volatility change.
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