Monotonicity of Normalized Implied-Volatility Coordinates under No-Arbitrage

For a fixed maturity, an arbitrage-free option smile induces natural normalized strike coordinates. This paper makes three contributions. First, it gives an elementary discrete no-arbitrage proof of monotonicity for the central Black--Scholes normalized coordinate \(k/v(k)\), using only finite-strike comparisons, convexity, monotonicity, and put--call parity. Thus the argument applies directly to finitely quoted option chains and does not require a continuously quoted smile, differentiability of option prices, differentiability of implied volatility, digital prices, or density extraction. Second, it extends the same monotonicity principle to the normal, or Bachelier, implied volatility formula, proving that the normalized coordinate \((F-K)/\sigma_N(K)\) is decreasing in strike under static no-arbitrage. Third, it proves a model-free normal-variance identity: remaining normal variance can be represented as a normal-density weighted integral of squared Bachelier implied volatility in the normalized coordinate. This third result is the normal/Bachelier analogue of Fukasawa's lognormal variance identity, which expresses variance-type quantities through Black implied variance in normalized coordinates. The paper therefore complements Fukasawa's continuous-strike normalizing transformation theory with a finite-quote no-arbitrage proof and a new normal-variance counterpart, while connecting the results to the volatility-derivatives literature surveyed by Carr and Lee.