Choosing the Right Strategy

Bullish + low IV → long calls, bull call spreads.

Bullish + high IV → bull put spreads, cash-secured puts.

Bearish + low IV → long puts, bear put spreads.

Bearish + high IV → bear call spreads.

Neutral + high IV → iron condors, covered calls.

Big move expected + low IV → long straddles/strangles.