As the options markets grew, and the SEC relaxed, options were traded on more stocks, some no longer "blue chip" corporations but instead highly volatile newcomers. More expensive errors made pricing models seem indispensable: "I'll stand in a pit with [options on] 16 stocks that each trade two [expiration] months and five strike prices and I'll take anybody on: turn off the lights, I want to trade with no electronics. But when you get to multiple expirations, strike prices, higher volatility stocks ... volatility changes by 10 percent. Arco goes from a 15 to a 13.5 [annualized percentage implied volatility]. I can do that math in my head. [With a highly volatile stock] 150 to 135 seems like it ought to be similar, but ... I've got too much money at risk if I'm wrong in my mental calculations."

Donald MacKenzie, An Engine, Not a Camera, loc. 750