Part two of a study using one minute data. On an ordinary day most of the movement happens between the open and the close. On the day the index sets a record that flips, because the gap up creates the high, and it reverts immediately. Relative volatility also bottoms out that day and the gap between what options price and what the market delivers is widest, before closing back toward normal over roughly three weeks. The pattern holds across three market eras. Study results are historical, not predictive. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 0:00 What part two asks 0:31 What part one found 1:13 Why intraday matters here 1:56 Why day zero is unusual 2:32 A kind of compounding effect 3:15 Where relative volatility sits 3:53 Why the one day gauge 4:39 Implied measured against ...