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Explain (in no more than 3 sentences) why we, for example, tend to use put options for X $228.82 to back-out the IV(implied volatility), but
Explain (in no more than 3 sentences) why we, for example, tend to use put options for X $228.82 to back-out the IV(implied volatility), but for X > $228.82, we use the call options. For your information, the last traded price for Tesla Inc. on 25 July 2019 was $228.82.
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