An option's price restated as an annualised rate of movement: the one number that, put into a pricing formula, returns the premium the market is actually charging. It is a PRICE for movement rather than an opinion about it, and a level means little without the percentile beside it, since the reading that counts as high changes from year to year and from index to index.
Mayawhat these words mean
Maya reads the desk’s written explainers and the glossary. She holds no market data at all, so she can say what a thing is and cannot say what it is doing today.