 This course is on implied volatility, which I call as the wild card or the semi-hidden factor in options pricing. Unlike other factors like price movement and time decay, implied volatility is a bit more difficult to understand and also observe the changes in implied volatility directly. Although trading tools like thinkorswim and others do a fantastic job of calculating implied volatility and presenting this information to users. Implied volatility is a wild card because it can have pretty dramatic impact on your options position. So understanding how implied volatility works, understanding whether it's going to work in your favor or against you is critical to understanding your options position. We'll be looking back at our land example that we introduced in the call options course. We'll also introduce the concept of implied volatility or volatility in general to this land example. We'll do a recap of what we looked at in terms of stock volatility and then we'll use our real world example for option pricing in the real estate example for the land. Then we'll study two different definitions of volatility as it pertains to options. One is historical volatility and one is future volatility or expected volatility which we call implied volatility in the world of options. Then we'll be looking at a real example, real options. We'll look at caterpillar and Netflix and this example should make it absolutely clear what implied volatility can do to your options. Then we'll look at implied volatility from a buyer's standpoint and a seller's standpoint and for different kinds of options whether it's at the money, out of the money and even different expires, whether it's a near-term expiry or a far-term expiry and how your options positions will change based upon implied volatility on these kinds of options. Finally, we'll introduce the Greek vega that quantifies changes in implied volatility. So we'll only be introducing this term here. However, the next course is dedicated to the Greeks completely. Let's come back to our factors that affect option pricing.