I was hoping someone might be able to help me understand why the same magnitude of volatility adjusted movement in 2 different stocks can cause totally different effects on their respective options? I am adjusting for IV using a formula like this But I find that if I look back at historical data for situations where a volatiity adjusted 3 standard deviation move occurred the effect on the respective options is some times different. For instance I can look at a call 1 strike OTM on AAPL and if the stock makes a 3 deviation move that particular call may increase in value 300% Using the same circumstances lets say FSLR ($18 share price) makes a 3 deviation move and the 1 strike OTM call may move 500% or it may be 80%. I understand the following factors play a role - There are different degrees of leverage depending on the proximity of the strike. The number of strikes crossed in the move can play a role IV can be cranked up or down during a move. I have a feeling liquidity plays a role in price outside of affecting slippage (just not sure what else it affects) I am always trying to improve my understanding and I was wondering if there is something else I am missing?