Vega vs Volatility

The rate of change of an option's price relative to a 1% change in implied volatility; long options have positive vega (gain value when IV rises); short options have negative vega (lose value when IV rises); the primary risk in bought options around anticipated events.

Volatility measures the degree to which an asset's price fluctuates over a given period, with high volatility indicating large, rapid price swings and low volatility indicating relatively stable, gradual price movement.