  Realization of uncertainty of prices is captured by volatility, that is the
tendency of prices to vary along a period of time. This is generally measured
as standard deviation of daily returns. In this paper we propose and
investigate the application of fuzzy transform and its inverse as an
alternative measure of volatility. The measure obtained is compatible with the
definition of risk measure given by Luce. A comparison with standard definition
is performed by considering the NIFTY 50 stock market index within the period
Sept. 2000 - Feb. 2017.
