431ImpliedvolatilityLetusapplyDenition1tothecasethatXSadisplacedlognormalIfq0then24holdsforallKTpositiveIfq0thentherstinequalityin24holdsforallKTpositivebutthesecondinequalityESTK ID: 430218
43.1ImpliedvolatilityLetusapplyDenition1tothecasethatX=S adisplacedlognormal.Ifq0then(2.4)holdsforallK;Tpositive.Ifq0 thentherstinequalityin(2.4)holdsforallK;Tpositive