 We show the startling main result that under the standard BS option pricing model, this measure of relative value is a function of delta only and is independent of the time to expiry, the price of the underlying security or the prevailing volatility used in the pricing model.
<coherence>  We show the startling main result that under the standard BS option pricing model, this measure of relative value is a function of delta only and is independent of the time to expiry, the price of the underlying security or the prevailing volatility used in the pricing model.
 We show that under the standard BS option pricing model, this measure of relative value is a function of delta only and is independent of the time to expiry, the price of the underlying security or the prevailing volatility used in the pricing model.