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To: Chuzzlewit who wrote (2650)	11/1/1997 3:39:00 PM
From: Lyle Abramowitz	Respond to of 95453

Paul, I don't think that implied volatility can be easily estimated from beta. If one knows the volatility of the underlying market index that is used to compute the beta the historical volatility could be estimated by [beta*market volatility] --which is an interesting idea. The implied volatility really measures how traders' (or market-makers') sentiment affects the price. Note that there may be a different implied volatility for each type (strike, expiration) of option traded while there is a unique historical volatility that is related only to the movement of the underlying stock price history. If it is really the implied volatility that you're after--that can be found from options calculators which have been cited earlier on this thread. All these do is back-solve the price formula for the volatility. Hope this helps. Lyle