Options are repricing ahead of the Federal Reserve's interest rate meeting, with implied volatility on options expiring tomorrow rising significantly. Recent actual volatility has also been substantial, showing a marked increase compared to last month, yet actual trading volume has declined instead. Volatility levels and trading volume have diverged. The market is on the eve of choosing its direction. Opting to buy options in the latter half of the month may be a better choice, as the market is likely brewing a major move.(Greeks.live)