sentences:  When the underlying is below the upper strike price, it is long vega (the value of the position increases as volatility increases) and short theta (the value of the position decreases as time passes).In equity options markets (including equity indexes and derivative equities such as ETFs, but possibly excluding inverse ETFs), it has been observed that there exists an inverse correlation between the price of the underlying and the implied volatility of its options.The implied volatility will often "increase" as the price of the underlying "decreases" and vice versa.