One common question that is often asked about option pricing is: given a known market value for implied volatility (IV in the column above) how much would we expect the FX rate or commodity to move over a certain period of time. Volatility is according to the model proportional to the inverse of the square root of time. So, to figure out how much price movement is expected by a 5% implied volatility on a daily basis we need to take the square root of the number of trading days in a year. Using 256 as that number the square root of 256 = 16. So, based on a 5% implied vol we would expect a one-day move of approximately 0.31%. For a one week move, we need to divide the implied vol by the square root of 52 (the number of weeks in a year). So, the expected one week move would be 0.69%. Strictly speaking, this is a one-standard deviation move over the time period in question. The option pricing model assumes (roughly) a one-standard-deviation move to cover approx 2/3 of the price action and a two standard deviation move approx 95.4%. Higher volatilities will imply a greater degree of price dispersion or a higher deviation from the average observed values.