It is very difficult to separate the concepts of volatility and risk, the two are intimately intertwined. Look no further than the pending Federal Reserve rate decision at time of this writing. Most traders have taken to the sidelines to wait for the decision from the Federal Reserve. Will they raise rates? Will they keep rates the same? Will they not? This is been the permeating question during this last quarter. It is also a question of value. How much does the answer impact in the markets. As a result, strategies are formed, and bets are placed, and risk is…