This measure isn't going to account for that volatility σ with the underlying asset. As opposed to preceding inputs, volatility is indirectly observable from sector information, but must rather be computed in certain model, largely working with ATM implied volatility inside the Black–Scholes model. Dispersion is proportional to volatility, so https://archeruundn.glifeblog.com/26575896/the-smart-trick-of-expiration-date-that-no-one-is-discussing