Below are some free videos from youtube I've watched and that have helped me learn drop the L and earn.
I do not own any of these videos and am not being paid to promote any of them. Please watch them and if you have a question you should always consult a professional.
If your directional assumption is bullish on the stock's direction
If your directional assumption is neutral on the stock's direction
Sometimes the best trade is NO trade at all. If IV is low and you are neutral on the stock then your best option is to "pass" on this trade and move onto another trade.
If your directional assumption is bearish on the stock's direction
Step #1 Market Assumption
The first step to finding the right strategy is to figure out what your market assumption of the stock is; are you bullish, bearish, or neutral?
Step #2 Implied Volatility
The next step is to find the current level of IV and determine the current IV rank percentile. Is volatility above or below the 50th percentile?
Step #3 Choose
The final step is to choose a strategy from the grids above that fits that particular stock situation and your personal portfolio.