Options Trading, Options Greeks, Volatility Trading, Moontower, Black Scholes Model.
are short has 0 vega. You are unequivocally long volatility. Even if you are long 1 .50 delta call and short 10 90 strike calls you are long vol (1 x $.20 + (-10) x $0). Your portfolio’s net vega is long $.20 of vega. At 32% vol, the call you are long has slightly less than $.20 of vega since the