The article explores how option prices are determined in different market conditions. It starts with a simple model assuming one volatility value, then expands to include a second possible volatility value. This leads to a range of possible option prices instead of just one. The study shows that in the more complex model, the volatility used for pricing must fall between the two possible volatilities. The model is then enhanced to include even more volatility scenarios, resulting in a wider range of option prices. The research provides examples like European Call Options to illustrate these concepts.