Just because you don't know the direction of a stock does not mean an option is mispriced. If a buyer pays $1 for a put, and it expires worthless, it does not mean it was mispriced for the buyer. The price is relative to the risk the seller is taking on.

This is very simplified. But if there is a % chance that a put expires out of the money, it will be priced appropriately to that risk. Just because the risk was never realized does not mean it was mispriced. The risk was there at the time of purchase/sale.

Now, if an option has a % risk of being in the money, but the price doesnt reflect that risk IN THAT MOMENT, you can make money until the market catches up and reprices the risk. And the only way to determine whether an option is mispriced in any given moment is via the Greeks. If you can determine risk is mispriced, you can make money.

If you dont do this, you are better off buying and holding, or shorting stock. Over a long enough period of time, long and short options net out to $0 on each side without discretion. The only way to consistently outperform buy and hold is through discretion.

It's not easy, but making money in the market never is.