Implied Volatility, suppose an options dealer offers to sell a three-month at the money call on the FTSE index option at 19% implied volatility and a one month in the money put on the Vodaphone (VOD) at 24%. An option trader believes that based on the current outlook, FTSE volatility should be closer to 25% and VOD volatility should be closer to 20%. What actions might the trader take to benefit from his views?