Low IV              Moderate IV        High IV 
 ---------------------------------------------------------------- 
 Bearish   
        buy naked puts      sell underlying    sell naked calls 
        bear verticals                         bear verticals   
          calls: +ATM/-ITM                      calls: +OTM/-ATM 
          puts : +ATM/-OTM                      puts : +ITM/-ATM 
        sell OTM call flys                     buy ITM call fly 
        sell ITM put flys                      buy OTM put flys 
        time spreads:                          time spreads : 
          buy ITM call                           sell OTM call 
          buy OTM put                            sell ITM put 
  
 Neutral 
        backspreads         go on vacation    ratio verticals 
        buy straddles                         sell straddles 
        sell ATM flys                         buy ATM flys 
        buy ATM time                          sell ATM time spreads 
  
 Bullish   
        buy naked calls     buy underlying   sell naked puts 
        bull verticals                       bull verticals   
          calls: +ATM/-OTM                     calls: +ITM/-ATM 
          puts : +ATM/-ITM                     puts : +OTM/-ATM 
        sell ITM call flys                   buy OTM call fly 
        sell OTM put flys                    buy ITM put flys 
        time spreads:                        time spreads : 
          buy OTM call                         sell ITM call 
          buy ITM put                          sell OTM put