The fluctuations of prices are referred to as volatility. The greater the distance between the highest and the lowest price in a period, the greater the volatility. A distinction is made in the financial trade between the historical volatility, which is calculated from the price movements of the past and the implied volatility. Implied volatility is the expected volatility in the future. In recent years, the volatility of raw materials has increased dramatically, leading to a stronger demand for hedging and risk management in companies.