Why is the IV of the BBRY call options with only 2 days to go so high for ITM and OTM options? Should not less time to go imply less volatility, since there is less time for the stock to bounce around?
The phenomena known as volatility smile is probably at work here. The real analysis to be done is to look at a normalized IV surface and determine if the current IV smile is out of line with historic IV smiles.
I would assume that any tidbit of news would have a big impact on BBRY - hence the high IV. I don't see why time would influence the IV. Unexpected news can come at anytime.