Figure 1
The image contains four line graphs comparing SVI and spline for different options. Each graph plots volatility against moneyness. Panel A shows the China 50 ETF options with volatility ranging from 0.1 to 0.4 and moneyness from 0.8 to 1.3. Panel B depicts the CSI 300 index options with similar ranges. Panel C illustrates the soybean meal futures options, and Panel D shows the copper futures options, both with the same ranges. Each graph includes data points marked by diamonds and shows the SVI as a dashed line and the spline as a solid line. The graphs highlight the differences between the SVI and spline methods for these options.SVI vs 5th-order spline for four kinds of options